Accounting Co. Can Be Sued Over Madoff Losses: NY Court

Law360, New York (February 6, 2014, 5:56 PM EST) -- A New York state appeals court ruled Wednesday that a Connecticut accounting firm can be sued for failing to detect that one of its clients was in business with notorious Ponzi scheme mastermind Bernie Madoff, costing investors tens of millions.

A four-judge Second Department panel found that Friedberg Smith & Co. had a reasonable duty to help guard against fraud when it was hired as an auditor by investment fund manager Beacon Associates Management Corp. Friedberg was hoping to overturn a 2010 ruling by the New...
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