Class Action Lawsuit Filed Against Connecticut Bank Arising Out of Madoff Ponzi Scheme...

Class Action Lawsuit Filed Against Connecticut Bank Arising Out of Madoff Ponzi
Scheme for Over $60 Million

WEST PALM BEACH, Fla., July 13, 2009 (GLOBE NEWSWIRE) -- Connecticut and Florida
attorneys have teamed up to file a class action against Connecticut Community
Bank, N.A., owner of Westport National Bank ("WNB"), on behalf of 26
retirement-account holders who lost $60 million in their retirement accounts,
arising out of the Ponzi scheme orchestrated by Bernard L. Madoff.

The lawsuit alleges that WNB pooled $60 million in deposits in retirement
accounts and allegedly forwarded them to Madoff for investment. Pursuant to
their account agreements, WNB agreed to serve as custodian for all investments
made by Madoff. The suit alleges that WNB failed to perform its custodial
obligations, which would have required Madoff to deliver the securities he was
purporting to purchase in the WNB accounts.

WNB's agreements with the account holders were called "Custodian Agreements" and
specifically provided (in paragraph 4) that "the Bank will maintain adequate
records indicating the ownership by the Principal of investments with [Madoff]
and held by the Bank as custodian." (emphasis added). According to the suit, had
WNB required delivery of the investments that Madoff was supposed to make for
WNB's account holders, Madoff would not have been able to perpetrate his Ponzi
scheme on the class members because Madoff had no securities to deliver.

The lawsuit also asserts that WNB improperly charged account fees as if it were
holding Madoff's investments for the account holders. The lawsuit alleges that
even though the WNB was never holding any assets, the Bank issued false account
statements to its account holders that represented it was holding shares in
non-existent investments entitled "BLM 1" and "BLM 2" and then charged
substantial fees based on the claimed value of the non-existent shares.

Connecticut lead attorney for the plaintiffs, David Golub of Silver Golub &
Teitell LLP, stated, "Madoff could not have run his Ponzi scheme through the
Bank if it had simply required Madoff to deliver the securities he was supposed
to purchase. The Bank completely disregarded its custodial obligations."

Florida attorney for the plaintiffs, Adam Rabin with McCabe Rabin, P.A., stated
"The Bank invented a fiction of 'BLM 1' and 'BLM 2' that covered up the fact
that no real assets were in the custodial accounts. The Bank then charged
exorbitant fees to perpetuate this fiction."

Plaintiffs' co-counsel, Craig Stein with Stein & Stein, P.A., stated "It is a
shame that so many financial institutions have disregarded their duties owed to
their clients."

The class action complaint was filed in Connecticut Superior Court in Stamford
to recover $60 million in lost retirement funds, plus millions of dollars in
fees charged by WNB.

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CONTACT: Silver Golub & Teitell LLP
David Golub
203-325-4491
dgolub@sgtlaw.com
www.sgtlaw.com
Stamford, CT

McCabe Rabin, P.A.
Adam Rabin
561-659-7878
arabin@mccaberabin.com
www.McCabeRabin.com
West Palm Beach, FL

Emmett & Glander
Kathryn Emmett
203-324-7744
kemmett@emmettandglander.com
www.emmettandglander.com
Stamford, CT

Stein & Stein, P.A., Attorneys and Counselors
Craig Stein
561-659-8802
cstein@steinsteinlaw.com
www.SteinSteinLaw.com
Palm Beach, FL