Law360 covers a new development in the Madoff saga, which rocked Wall Street over a year ago.
Shareholders in a hedge fund that lost $32 million as a result of Bernard L. Madoff’s notorious Ponzi scheme have filed a derivative lawsuit on behalf of the fund against its investment manager and executives, saying they should have known investing with Madoff was risky.
The plaintiffs, employee benefit funds for New Jersey carpenters, filed their suit Wednesday in the New York County Supreme Court against Meridian Diversified Fund Management LLC and 10 executives. The plaintiffs are shareholders in Meridian Diversified ERISA Fund Ltd.
The shareholders are being represented by Milberg LLP, Seeger Weiss LLP and Kroll Heineman LLC.