A Manhattan federal judge has dismissed a class action lawsuit filed against Standard Chartered Bank by investors whose money ended up in Bernard Madoff’s Ponzi scheme, finding that Standard Chartered was right to charge fees based on the face values of investors’ accounts even though those values turned out to be fraudulent.
Southern District Judge Victor Marrero (See Profile) ruled last week in Pujals v. Standard Chartered Bank, 1:10-cv-02878, that Standard Chartered properly relied on the asset values reported by Fairfield Sentry Ltd., a Madoff feeder fund, and did not breach its contracts with its investors.
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