Thomas, Alexander & Forrester isn’t a typical plaintiffs firm, and co-founder Steven Thomas isn’t a typical plaintiffs lawyer. In that sense, he was a fitting leader of a team that secured a unique victory this week in the sprawling litigation that followed in the aftermath of Bernie Madoff’s Ponzi mega-fraud.
On Nov. 13, a Washington state jury sided with Thomas’ client FutureSelect Portfolio Management Inc. and delivered the first-ever verdict against an auditor that performed work for a so-called feeder fund that funneled money into Madoff’s scheme. Jurors in Seattle found Ernst & Young LLP liable for auditing a feeder fund managed by Tremont Partners, concluding that FutureSelect relied on negligent statements by Ernst & Young when deciding to invest.
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