Lawyers Could Face Madoff Liability Claims

Law360, New York (March 27, 2009, 12:00 AM EDT) -- Law firms that advised victims of financial fraudster Bernard L. Madoff could be on the hook for failing to properly counsel their clients, the top securities regulator for Massachusetts said Friday.

Secretary of State William Galvin said while he was not taking action against any firms, some Massachusetts-based investors had indicated they were considering claims against attorneys who advised them on their portfolios.

Galvin, whose office received a flood of calls from potential Madoff victims after he was arrested by federal authorities on Dec. 11, said...
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