The Associated Press – A Connecticut town is suing disgraced financier Bernard Madoff, his family and investment companies because its pension board allegedly lost millions in Madoff’s Ponzi scheme.
The lawsuit seeking $75 million was filed Monday in Bridgeport Superior Court by the town of Fairfield and its pension board. It names members of Madoff’s family and Tremont Partners and Maxam Capital Management for failing to oversee Madoff’s investments, and the founding partners of Fairfield Greenwich Group, which lost more than $7 billion in the scheme.
"These are entities that raised money and solicited money and fed money to Madoff to enable his Ponzi scheme to succeed," attorney David Golub said at a news conference Tuesday. "We believe that the feeder funds know Bernard Madoff was engaging in criminal activity, supported that criminal activity, and abetted that criminal activity."
