News SSB&R Sues on Behalf of Santa Clara Investors Victimized in Madoff Ponzi Scheme Shalov Stone Bonner & Rocco LLP 08/04/2009

 

Shalov Stone Bonner & Rocco LLP has filed a class action lawsuit on behalf of investors in the Santa Clara I Fund (the "Fund") (previously, "Santa Clara Holdings Ltd."), a feeder fund that invested virtually all of its members' assets with Bernard L. Madoff, through his investment firm Bernard L. Madoff Investment Securities LLC. According to the complaint, the defendants, including the Fund's directors and investment manager, allowed class members' money to be invested with Madoff without first performing sufficient due diligence. As was later uncovered by federal investigators, Madoff was running a massive Ponzi scheme and, as a result, the Fund's investors collectively suffered hundreds of millions of dollars in damages. The complaint, which includes claims for fraud and breach of fiduciary duties, names as defendants Anthony L.M. Inder Rieden, Dawn E. Davies, Euro-Dutch Management Ltd., Aspen International Investment Ltd., Ernst & Young [Cayman Islands], Ernst & Young [Bahamas], Ernst & Young LLP, Harley International (Cayman) Ltd., and Fix Asset Management.

If you would like more information about the Santa Clara litigation, or if you have been the victim of similar misconduct involving a feeder fund that invested its assets in a Ponzi scheme, please contact Lee S. Shalov or Thomas G. Ciarlone, Jr., at (212) 239-4340.