Tuesday, June 30, 2009
Yesterdayâ€™s sentencing of Bernard Madoff to the maximum 150 years in prison in connection with a massive investor fraud has everybody talking. The Wall Street Journal Law Blog notes that while the 150-year sentence was the statutory maximum for the 11 counts Madoff pleaded guilty to in March, it is not the longest handed down in a white collar crime case. Meanwhile, the Associated Press quotes a source that authorities are likely to charge 10 others in connection with the multi-billion dollar fraud. The New York Times DealBook blog today outlines yet another Madoff-related lawsuit this one filed against a Texas hedge fund by New Mexicoâ€™s teacherâ€™s union. Over at the D&O Diary Kevin LaCroix recently commented that as diverse and dispersed as the consequences of the Madoff scandal have been, so too is the wave of litigation to follow in the wake of the schemeâ€™s collapse. So it would seem. Check out the D&O Diaryâ€™s running list of Madoff-related lawsuits.