Clients Target Fiserv Over Losses In Madoff Scheme

Law360, New York (April 3, 2009, 12:00 AM EDT) -- Clients of Fiserv Inc. have launched a purported class action seeking to recover up to $1 billion from the financial services technology firm and TD Ameritrade Holding Corp., claiming that their money was secretly invested and then lost in Bernard L. Madoff’s Ponzi scheme.

The action was filed on behalf of 800 investors in the U.S. District Court for the District of Colorado on Thursday, claiming that the defendants were supposed to be their custodians for their pension and individual retirement accounts, but that the designation...
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