Press release from:
Zwerling, Schachter & Zwerling, LLP
NEW YORK – The New York law firm of Zwerling, Schachter & Zwerling, LLP, has been retained by individuals and entities that delivered hundreds of millions of dollars to investment adviser Bernard L. Madoff, who authorities say admitted to operating what amounted to a $50 billion Ponzi scheme.
Since the December 11 arrest of Mr. Madoff, 70, the list of companies and individuals facing steep financial losses based on their dealings with Mr. Madoff and companies affiliated with or controlled by him have grown to include individuals and institutions across the country. In addition, Mr. Madoff’s fund obtained money from some of Europe’s largest banks, including institutions in the United Kingdom, Spain, France and Italy, and their clients.
“If this were a traditional bank robbery, the eyewitness reports would say that Mr. Madoff walked out with billions of dollars as someone held the door open for him,” says Jeffrey Zwerling, a founding partner of Zwerling, Schachter & Zwerling. “If it’s true, it’s just amazing in terms of the audacity, if nothing else.”
Mr. Zwerling and his firm represent investment partnerships, individuals and companies that may have lost significant amounts of money in Mr. Madoff’s scheme. In addition to targeting Mr. Madoff’s businesses, the firm will be taking a close look at third parties, including financial firms and other institutions that may have played a role in the scheme.
“There’s just no way that this happens without help of some kind,” says Robert S. Schachter a senior partner of the firm. “The evidence already shows that Mr. Madoff wanted ‘investors’ to come to him through other entities. Those will be the businesses that are going to find themselves answering a few questions now.”
Zwerling, Schachter & Zwerling, LLP, is currently investigating the appropriate legal approaches available to its clients. The investigation and any litigation will be undertaken by the firm on a contingent fee basis, meaning the firm’s clients will pay no legal fees unless there is a financial recovery. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York City, Garden City, N.Y., and Seattle. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities class-action litigation.
For more information or to speak with Jeffrey Zwerling or Robert S. Schachter about the Madoff case, please contact Mark Annick at 800-559-4534 (office), 214-213-1754 (mobile) or mark@androvett.com.
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