A group of investors who claim they lost up to $13 million with Bernard Madoff are suing a feeder fund and accounting firm KPMG, alleging the firms failed to keep tabs on their investments in one of the largest Ponzi schemes in U.S. history. The Florida suit contends that hedge fund manager Tremont Partners, three of its funds that invested money with Madoff, and auditing firm KPMG failed to properly manage the investments and "simply turned plaintiffs' money" over to Madoff.
Investors Sue KPMG, Feeder Fund Over Madoff Losses
Daily Business Review
May 8, 2009