A Seattle, Wash. jury has found of Ernst & Young liable for half of more than $20 million lost by a Washington investment company in the wake of Bernie Madoff’s multi-decade investment scam.
FutureSelect Portfolio Management attorney Steven Thomas said last week’s verdict pins responsibility on Ernst & Young for damages during the four years it audited funds managed by Tremont Partners. FutureSelect, of Redmond, and some related firms, lost a total of about $129 million in Tremont funds that sent money to Madoff.
FutureSelect alleged that Ernst & Young would have uncovered the Madoff fraud if it had taken basic steps to verify his assets.
Was this article valuable?
Here are more articles you may enjoy.