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On August 18, 2010, U.S. District Judge Victor Marrero issued an opinion sustaining most of the claims asserted by plaintiffs in their Second Amended Complaint, and significantly denying defendants’ motions to dismiss.  The Court sustained most of plaintiffs’ claims against the Fairfield Greenwich Group (FGG), the FGG corporate and partnership entities, the individual executives and partners of FGG, the Citco entities, and the Canadian and Dutch offices of PricewaterhouseCoopers.  The sustained claims include counts for securities fraud, common law fraud, breach of fiduciary duty, gross negligence, negligent misrepresentation, negligence, third party beneficiary breach of contract, unjust enrichment, aiding and abetting fraud and aiding and abetting breach of fiduciary duty.  Judge Marrero, on July 29, 2010, had issued an earlier opinion rejecting defendants’ arguments that the New York State Martin Act preempted plaintiffs’ common law claims.  The case will now proceed to discovery.
 
Wolf Popper LLP was appointed as interim co-lead counsel in a consolidated class action brought on behalf of investors in the Fairfield Sentry and Greenwich Sentry funds that were managed by Bernard L. Madoff.  The January 30, 2009 order, by U.S. District Judge Victor Marrero, was entered in the consolidated action captioned as Anwar et al. v. Fairfield Greenwich Limited, et al., (09-CV-0118 (VM)), pending in the Southern District of New York.   The consolidated member actions each allege various claims against defendants related to losses incurred by Fairfield Sentry and Greenwich Sentry investors as a result of the admitted “Ponzi scheme” orchestrated by Bernard L. Madoff.
 
Plaintiffs filed a Second Consolidated Amended Complaint in October 2009. Defendants have moved to dismiss that complaint and those motions are fully briefed and have yet to be fully resolved by the Court.

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