Sunday, February 15, 2009

A Link Between Bernie Madoff and Class Action Plaintiffs?

One of the stranger elements of the Bernie Madoff mishegas emerged today in a post on the Overlawyered blog: the presence of people affiliated with class action law firms on the list of Madoff victims.

In addition to persons tied to class action lawyers at Milberg Weiss, Wolf Popper and Wolf Haldenstein,
[Securities lawyer Howard] Sirota believes that other persons and entities on the Madoff victims list have also served as lead plaintiffs in securities litigation or as plaintiffs in other litigation handled by class-action firms. All of which could be mere coincidence, or could suggest that either Madoff himself or others in his circle might have played some role in funneling lead plaintiffs to the class-action bar.
I don't share Overlawyered's anti-class action zeal, though I do feel that these suits yield little for investors. But there is something a bit fishy, or at least ironic, about the presence of people from class action firms on this list. If class action plaintiffs are on the list, that is a lead that the feds need to pursue.

© 2009 Gary Weiss. All rights reserved.

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