Judge Tosses $3B Madoff Feeder Fund Action

Law360, New York (March 31, 2011, 2:07 PM EDT) -- A New York federal judge on Wednesday dismissed a consolidated securities class action alleging units of Tremont Group Holdings Inc. that were feeder funds to Bernard L. Madoff's Ponzi scheme cost investors some $3 billion.

Judge Deborah A. Batts of the U.S. District Court for the Southern District of New York found that the remaining 28 state law claims brought against Kingate Global Fund Ltd. and Kingate Euro Fund Ltd. fell under the Securities Litigation Uniform Standards Act, given the thousands of class members and the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.