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First Madoff auditor case goes to trial

File photo of Bernard Madoff exiting the Manhattan federal court house in New York


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 




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