Madoff Fund Backs Off $900M Ernst & Young Negligence Suit

Law360, New York (March 26, 2012, 6:37 PM EDT) -- The liquidators for a defunct feeder fund in Bernard L. Madoff's Ponzi scheme have abruptly dropped a $900 million negligence lawsuit against accounting firm Ernst & Young LLP, according to a New York state court filing Friday.

M-Invest Ltd., a fund created by Geneva-based Union Bancaire Privee, said in a one-page notice without explanation that it was discontinuing the case in New York Supreme Court. M-Invest filed a summons Dec. 4 announcing the allegations, but no formal complaint was ever filed, according to court records....
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