SEC Drops Suit Against Dead Madoff Feeder

Law360, New York (January 14, 2011, 1:41 PM EST) -- The U.S. Securities and Exchange Commission has dropped its suit against a California investment adviser who ran three feeder funds for Bernard L. Madoff's $65 billion Ponzi scheme and died in September.

The SEC complaint against Stanley Chais, who died at age 84, was dismissed without prejudice and without cost to either party, according to a Thursday order from Judge Louis L. Stanton of the U.S. District Court for the Southern District of New York.

Chais’ three partnerships, his wife Pamela and a trust for his...
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