Citi unit must face Madoff claims

Bernie Madoff

A Citigroup unit and PricewaterhouseCoopers must face claims they played a part in costing investors more than $1bn in Bernard Madoff’s massive Ponzi scheme, an appeals court ruled.

Bloomberg News reports that investors in the Kingate Global and Euro funds, which fed money into Madoff’s firm, sued an offshore subsidiary of the bank and the accounting company for their roles in administering and auditing the funds.

Several other entities must also face claims in the suit revived Thursday by a federal appeals court in Manhattan.

The court rejected a judge’s 2011 finding that the claims were barred by a federal law that limits investors’ ability to sue under investor-friendly state laws.

To access the complete Bloomberg News article hit the link below:

Madoff Investor Suit Against Citigroup Unit, PwC Resurrected

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