Walter Noel Sued Again by Fairfield Greenwich Investors
Where Is The SEC Criminal Complaint?
Fairfield Greenwich Group, Walter Noel’s hedge-fund firm that had $7.5 billion with alleged fraudster Bernard Madoff, was sued for at least the third time by investors over claims it failed to protect their assets.
The latest complaint was filed yesterday in federal court in New York on behalf of investors by lawyer David Boies.
“Most, if not all, of the assets the plaintiff class had invested with defendants were stolen through the Madoff Ponzi scheme,” lawyers from New York-based Boies, Schiller & Flexner, including Boies and partner Stuart H. Singer, wrote in the complaint. “These losses could have been avoided if defendants had fulfilled their duties” and “if they had adequately investigated and monitored Madoff.”
Two trusts and a holding company based in the Cayman Islands and Carlos Gauch of Mexico sued on behalf of investors in the Fairfield Sentry Fund. It’s the third suit filed against Fairfield Greenwich since Madoff was arrested on Dec. 11.
The case is Inter-American Trust v. Fairfield Greenwich Group, 09-cv-301, U.S. District Court, Southern District of New York (Manhattan).
Another class-action, or group, suit was filed in Manhattan federal court by a Los Angeles-based retirement trust on Jan. 8.
Fairfield was first sued Dec. 19 in Manhattan state court by investors seeking class-action status. Investors in that case also claim Noel and his fund jeopardized their assets by ignoring red flags about Madoff.
Fairfield founding partners Walter Noel, Andres Piedrahita and Jeffrey Tucker are accused of breach of fiduciary duty, negligence and unjust enrichment, among other counts
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