Suit Seeks Return Of Madoff Fund ‘Phantom Fees’

Law360, New York (August 14, 2009, 3:43 PM EDT) -- A couple has launched a purported class action against Standard Chartered Bank, seeking the return of potentially millions of dollars in “phantom fees” that were paid for funds invested in a Bernard L. Madoff Investment Securities feeder fund.

In an amended complaint filed Thursday in the U.S. District Court for the Southern District of Florida, Jose Antonio Pujals and his wife, Rosa Julieta, claim that Standard Chartered charged quarterly management fees, based on the total assets invested in the Fairfield Sentry Ltd. hedge fund, a major...
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