The Madoff Ponzi scheme scandal is sparking an explosion of legal actions that will likely hit fund investors, as well as insurers, auditors and lawyers, among others, a panel of legal experts advised today.
Their comments came during a Webinar organized by New York-based consulting firm Advisen, which included David Bradford, Advisen executive vice president and chief knowledge officer; Mike Adler, vice president of Ironshore Claims LLC; Ray DeCarlo, Frank Crystal & Company senior management director; Marshall Gilinsky, a shareholder in Anderson Kill & Olick; and Karen Mariscal, counsel with Edwards Angell Palmer & Dodge.
Mr. Adler said hedge funds and other firms that invested with the Bernard Madoff investment fund operation, including not-for-profits, are likely to be targeted for litigation. Defendants will include directors and officers, as well as financial advisors, auditors and attorneys. Actions will also be filed between insureds and insurers, along with suits coming from attorneys general and securities regulators.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
