Last June, when the U.S. Court of Appeals for the Second Circuit vacated a decision certifying a class of Bernie Madoff victims suing PricewaterhouseCoopers LLP and Citco Group Ltd., we wrote that the ruling could spell big trouble for the Madoff “feeder fund” investors who brought the case. Well, the disaster has been averted, leaving PwC and Citco squarely in the plaintiffs’ sights once again.
On Tuesday U.S. District Judge Victor Marrero in Manhattan reaffirmed his earlier certification ruling, instantly reigniting what looks to be the largest remaining investor class action sparked by Madoff’s Ponzi scheme. The judge concluded that PwC and Citco can’t escape claims related to services they provided to Fairfield Greenwich Group, a manager of funds that funneled billions of dollars into Madoff’s fraud-ridden investment firm.
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