Standard Chartered Faces Assault Over Madoff Losses

Law360, New York (June 17, 2011, 4:25 PM EDT) -- Standard Chartered Bank International (Americas) Ltd. was hit Friday with 12 new suits in Florida from investors alleging the advisory firm lost them more than $5 million by pushing investments in Fairfield Sentry Ltd., a Bernard Madoff feeder fund.

Blount International SA, Richmond Co. Ltd., Smerant Corp. and nine others filed the nearly identical suits, seeking to recover losses they suffered thanks to Standard Chartered's advice that they invest in the Fairfield hedge fund, which in turn invested in a $65 billion Ponzi scheme run through...
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