Martin Act Doesn't Block Fairfield Suit Over Madoff Loss

Law360, New York (July 29, 2010, 7:27 PM EDT) -- A federal judge on Thursday bucked precedent in ruling that New York state's Martin Act does not preclude investors from pursuing common law claims against Fairfield Greenwich Group over $7 billion in losses to fraudster Bernard L. Madoff.

Judge Victor Marrero of the U.S. District Court for the Southern District of New York called prior decisions limiting private actors to pursuing fraud claims when the Martin Act was in play “a doctrinal dog's breakfast pried from a misreading” of a 1987 New York Court of Appeals...
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