Goldman Bests Investor's $15M Suit Over Madoff Losses

Law360, New York (December 16, 2010, 1:33 PM EST) -- A federal judge has dismissed a negligence suit that claimed Goldman Sachs & Co. was liable for $15 million an investor lost in Bernard L. Madoff's massive Ponzi scheme.

Judge Freda Wolfson of the U.S. District Court for the District of New Jersey on Tuesday found that although Goldman Sachs bought the company that oversaw plaintiff Jerome Goodman’s investments, the firm’s relationship with the ill-fated investor is too attenuated to support claims for breach of fiduciary duty and negligence.

Dismissing the complaint without prejudice, Wolfson concluded...
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