A Minnesota accounting firm has been hit by lawsuits alleging that it failed to detect problems in two separate Ponzi schemes — the purported $50 billion investment scam by New York financier Bernard Madoff and the $3.5 billion alleged “electronics” scheme by Thomas Petters.
The suits against McGladrey & Pullen, a national 100-office auditing firm in Bloomington, Minn., and similar suits stemming from the Madoff scandal against accounting firms KPMG, Ernst & Young and BDO Seidman, point up the likely spread of litigation as financial victims attempt to recover massive losses.
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