Administration August 10, 2011
CT Town Can’t Claim Madoff Pension Losses
August 10, 2011 (PLANSPONSOR.com) - The Connecticut Appellate Court has ruled that the town of Fairfield may not make claims for losses due to disgraced financier Bernard Madoff's fraud.
Reported by Rebecca Moore
According to the Connecticut Post, the state’s second highest court ruled 3-0 that a Stamford Superior Court judge had correctly decided that Fairfield was only indirectly affected by the actions of two partners in an investment firm accused of conspiring with Madoff (see CT Town Wants Court to Allow Claims for Madoff Losses).
As a result, the Post reports, the judge said Fairfield does not have standing to claim for $42 million its pension fund lost.« New Company Offers “One Source Access” for HR and Benefits Programs