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Browse: Home / 2013 / July / 15 / Investors, Bank Near Pact in Madoff Cases – WSJ.com

Investors, Bank Near Pact in Madoff Cases – WSJ.com

By Securities Docket on July 15, 2013, 12:18 pm

In one of the first lawsuits to go to trial involving Bernard L. Madoff’s massive fraud, a group of investors is nearing a settlement with a Connecticut bank that they said should have uncovered the Ponzi scheme years before it collapsed, according to a lawyer involved in the cases whose clients aren’t settling.

The tentative settlement, reached just as the two sides were about to deliver closing arguments, may return a fraction of the $60 million that the investors said they lost. But any sums could be a blow for the bank, Connecticut Community Bank and its branch, Westport National Bank, which are controlled by William R. Berkley, chairman of a large insurance company.

via Investors, Bank Near Pact in Madoff Cases – WSJ.com

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Posted in Class Actions, Criminal, Industry, Top | Tagged Madoff, Settlements

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