Dec 18 Fairfield Greenwich Group, the fund whose
clients stand to lose $7.5 billion in Bernard Madoff's alleged
$50 billion Ponzi scheme, is considering suing its accountants,
PricewaterhouseCoopers (PwC), for failing to detect the fraud,
the Financial Times reported on its website.
The fund, which is currently the biggest known loser in the
Madoff scandal through its investments in Bernard L Madoff
Investment Securities, is considering the move after an auditor
was named in a case brought by another victim, the paper said.
PwC and Fairfield could not be immediately reached for
comment by Reuters.
The New York Law School on Tuesday sued investment firm
Ascot Partners LP, its general partner J. Ezra Merkin and
auditor BDO Seidman LLP over investments with Bernard Madoff.
Merkin's lawyer Andrew Levander said in a statement that
Merkin and his family were among the largest victims of the
BDO Seidman said its audits of Ascot Partners "conformed to
all professional standards and we will vigorously defend
ourselves against these unfounded allegations."
The small auditing firm Madoff used, Friehling & Horowitz in
a suburb of New York City, is under investigation by the
District Attorney in Rockland County for potential violations of
New York state law.
A federal judge on Wednesday ordered Madoff, 70, confined to
his $7 million Manhattan apartment and told Madoff's wife, Ruth,
to surrender her U.S. passport by noon on Thursday as part of
modified bail conditions.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by