Judge Names Co-Lead Counsel in Fairfield Greenwich Class Action

Judge Names Co-Lead Counsel in Fairfield Greenwich Class Action - 2/2/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

DISMISSAL NEWS:

Judge Names Co-Lead Counsel in Fairfield Greenwich Class Action
Cynthia Cotts

Bloomberg News. February 2, 2009
_________________________________________________________________________

EXCERPT: Three law firms representing investors in Fairfield Greenwich Group, the hedge fund that allegedly steered $7.5 billion to Bernard Madoff’s now-bankrupt New York company, were named co-lead counsels in a class action against the Connecticut firm. Lovell Stewart Halebian LLP, Wolf Popper LLP and Boies, Schiller & Flexner LLP, all based in New York, will share the lead role in the litigation, U.S. District Judge Victor Marrero in Manhattan ruled Jan. 30. “All counsel shall make best efforts to avoid duplication, inefficiency and inconvenience to the court, the parties, counsel and witnesses,” Marrero wrote in his order. Lead counsel in securities-fraud class actions, or group lawsuits, choose the direction of the litigation, assign resources and responsibilities to other law firms and reap the largest share of a verdict or settlement. The Fairfield plaintiffs lawyers includes Christopher Lovell of Lovell Stewart Halebian, Robert Finkel of Wolf Popper and David Boies and David Barrett of Boies, Schiller & Flexner. Their consolidated lawsuit seeks recovery of billions of dollars of losses. Thomas Mulligan, a Fairfield Greenwich spokesman, declined to comment today on the consolidation of the lawsuits and the appointment of co-lead counsel. Mark Cunha, a lawyer for Fairfield Greenwich, didn’t immediately return phone and e-mail messages seeking comment. Madoff, 70, was charged with securities fraud in New York on Dec. 11 after allegedly confessing that he ran a Ponzi scheme. Ponzi schemes pay early investors with money from later participants. If convicted, Madoff faces as much as 20 years in prison, a $5 million fine and forfeiture of his assets. He hasn’t formally responded to the charges. The case is Anwar v. Fairfield Greenwich, 09-cv-118, U.S. District Court, Southern District of New York (Manhattan).

Back to News page | Back to Archived News 2009 page | Back to Top

�