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Fairfield settles with Massachusetts for $8 million

Pensions and Investments – Fairfield Greenwich agreed to pay about $8 million to settle charges leveled at the hedge fund-of-funds manager by William F. Galvin, Massachusetts secretary of the commonwealth, in connection with the Madoff Ponzi scheme.

In settling, Fairfield Greenwich neither admitted nor denied the charges made in the Massachusetts’ Securities Division’s administrative complaint, which was filed April 1. Those charges alleged that the company failed to conduct due diligence on Bernard L. Madoff Investment Securities and later misrepresented its due diligence practices to investors in its hedge funds of funds, according to documents on Mr. Galvin’s website. As part of the settlement agreement, Mr. Galvin’s office dropped fraud charges that were included in the original complaint.

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