An unusual case goes to trial on Wednesday, in that it shows the Bernie Madoff Ponzi scheme is still being litigated as well as being a rare investor case against an auditor.
Washington State’s King County Superior Court is host of the first trial of a Madoff feeder fund auditor for negligence and negligent misrepresentation. Opening arguments in FutureSelect Portfolio Management Inc., et al. v. Ernst & Young LLP are scheduled for Wednesday. FutureSelect Portfolio Management Inc. is suing to recoup the $195 million the fund lost when it invested in Bernie Madoff’s Ponzi scheme via Tremont’s Rye Funds.
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Read the full story at Market Watch, by Francine Mckenna
