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Albany Times Union – A group of upstate unions claims it lost nearly $1 billion in pension and other benefit funds after an investment manager placed the money with Bernard Madoff Investment Securities LLC.
Now, the unions have filed a class-action lawsuit against the adviser, Syracuse-based J.P. Jeanneret Associates Inc. and against White Plains-based Beacon Associates Management, which operated funds that invested pension money with Madoff.
Boston Globe – A Boston law firm has filed a class-action lawsuit against a hedge fund controlled by Massachusetts Mutual Life Insurance Co. for placing all of the fund’s assets with Bernard Madoff, who is facing life in prison for conducting a massive fraud.
The lead plaintiff is Lawrence J. Rothschild, a Needham businessman who invested about $1.1 million with the Rye Select Broad Market XL Fund, according to the lawsuit, filed yesterday in Massachusetts Superior Court.
The suit alleges that Rye did not explicitly say that it placed all of its assets with Madoff, and that the firm’s parent, Tremont Partners Inc. (also part of MassMutual), ignored red flags about Madoff’s activities.
Lower Hudson Journal news – Four hedge funds are at the center of a federal class-action lawsuit accusing them of steering millions of dollars from investors to Bernard Madoff.
The lawsuit, filed in U.S. District Court in Manhattan, charges that Beacon Associates LLC I, Beacon Associates Management Corp., Beacon/Andover Group and Andover Associates LLC I were among a half-dozen companies that lost more than $15 million from investors by funnelling the money into Madoff’s failed brokerage firm.
