Madoff – Aiding and Abetting Litigation – Going Global
The expansion of the Madoff litigation is big news these days. Go here for an AmLaw summary, and here for the NYT’s coverage of the biggest claim yet; $ 19.6 billion against an Austrian who allegedly aided and abetted the ponzi scheme. No doubt the news will become even louder when complaints are, hopefully, unsealed. One hopes the claims go well, and discourage future aiders and abetters who decide to look the other way.
Some might say the litigation is a product of litigation funding. Why ? The litigation is being paid for by government funds and fee requests are overseen by the bankruptcy court. The funding source is the Securities Investor Protection Corporation.