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Law firms across U.S. prepare to litigate in wake of Madoff scandal

published December 19, 2008

By Author - LawCrossing
Published By
( 3 votes, average: 3.8 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
12/19/08

Observers predict that lawsuits resulting from Madoff's arrest could number well into the thousands. While institutional investors are in discussions with the firm, most of the potential clients in these law suits are individual investors who have lost anywhere ''from single-digit millions to triple-digit millions'' of dollars and the suits are anticipated to be filed as individual actions.


The nation's largest plaintiffs' firms are taking their time investigating these potential claims, many of which involve complex legal issues. According to Brad Friedman in an interview with TheLaw.com, ''There's going to be litigation against, among others, the hedge funds and outside brokerages through which people invested. But,'' he added, ''the legal theories are very, very tricky and very dicey. You can get yourself thrown out of court real, real quickly.''

While many law firms have begun investigating claims, another firm, Holland & Knight, went so far as to form an advisory group to assist clients in recovering losses and reducing their exposure to third party claims. The interdisciplinary group will be headed by John M. Hogan, co-chairman of the firm's white-collar criminal defense team and will consist of five lawyers across various practice groups who are coordinating Madoff matters for other at the firm. Since announcing the group on Wednesday, he said the group has been ''inundated by partners who have clients affected.''

published December 19, 2008

By Author - LawCrossing
( 3 votes, average: 3.8 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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