MADOFF FALLOUT: VICTIMS COULD BE SUING EACH OTHER
New York Post, NY
IF you think the Bernie Ma doff scandal is messy, just wait. Pretty soon Madoff's victims could be suing each other
New York attorney Barry Slotnick tells me that he soon expects to be representing 20 clients of Madoff, who allegedly admitted to running an elaborate, $50 billion Ponzi scheme.
And Slotnick anticipates filing lawsuits against other investment firms, lucky clients of Madoff who already got their money back, as well as Madoff himself.
Going after Madoff, of course, could be futile if he doesn't have enough money to cover the damages.
And it's not likely that the evildoer has anywhere near that sort of scratch.
"It's worse than sad," said Slotnick. "It's astounding."
One of his clients, the lawyer claims, lost $500 million in the con.
"There are some very rich people last week who are [now] very, very poor," he said.
OK, that much has been adequately documented already.
But Slotnick's contention that other investment firms (and maybe even the US government) were to blame makes the situation even more interesting.
Maybe TARP money can cover these losses, too!
Slotnick, whose firm is Buchanan Ingersoll & Rooney, wouldn't give away his strategy, but he did indicate that the usual class-action route might be followed as well as going after customers of Madoff who received "preferential treatment."
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