A Manhattan federal judge has dismissed a class action lawsuit filed against Standard Chartered Bank by investors whose money ended up in Bernard Madoff’s Ponzi scheme, finding that Standard Chartered was right to charge fees based on the face values of investors’ accounts even though those values turned out to be fraudulent.

Southern District Judge Victor Marrero (See Profile) ruled last week in Pujals v. Standard Chartered Bank, 1:10-cv-02878, that Standard Chartered properly relied on the asset values reported by Fairfield Sentry Ltd., a Madoff feeder fund, and did not breach its contracts with its investors.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]