Plaintiffs firms win some and lose some. For Bernstein Liebhard, an appellate loss against the auditors of a Bernard Madoff feeder-fund made a rare settlement for investors against the fund itself that much sweeter.
In August 2011, a New York federal judge approved an initial settlement of $100 million for investors against Tremont Group Holdings Inc., which funneled the largest sum into Madoff’s Ponzi scheme. The firm was lead counsel for the federal securities claims in the consolidated case, which also included state law and insurance claims. “Knowing how courts around the country have been analyzing and evaluating these claims, we were able to achieve an excellent result on behalf of investors,” said partner Jeff Haber.
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