NEW YORK, Dec. 15, 2008 (GLOBE NEWSWIRE) -- Bernard M. Madoff's $50 billion "Ponzi scheme" has ensnared many individuals who unwittingly invested in funds managed by Madoff that, according to press reports, may now be wiped out. Such funds include the Rye Select Broad Market Fund and Fairfield Sentry Fund. While it remains to be seen what monies may be recoverable from Madoff, recoveries may be sought from firms that marketed these funds to investors, including Tremont Capital Management and Fairfield Greenwich Group. Such marketers had common law and other duties to conduct due diligence of Madoff's activities before recommending such investments, particularly since they received fees based on the purported profits and assets of these funds.
Pomerantz Haudek Block Grossman & Gross LLP is investigating claims on behalf of clients who lost significant sums through this scheme, and will be filing actions shortly. Investors who were similarly victimized are advised to contact Marc I. Gross, Esq. at Pomerantz Haudek Block Grossman & Gross LLP at 888-476-6529 or 212-661-1100.
Pomerantz has prosecuted securities fraud claims for 70 years, and is regarded as one of the country's premier class action firms. The firm has offices in New York City, Chicago, Washington, D.C., San Francisco and Columbus, Ohio. Among other accomplishments, the Firm argued the landmark StoneRidge case before the U.S. Supreme Court, which established the contours of third party liability to defrauded investors. It has also served as lead counsel in cases that have recovered hundreds of millions for investors, including cases involving stock market analyst Jack Grubman, Charter Communications, and others. It is presently lead counsel in one of the most egregious stock option backdating cases involving Comverse Technology.