Chicago partner Bennett Lasko participated in this panel discussion at the Managed Funds Association Network 2009 on February 9 in Key Biscayne, Fla. The panel focused on the far-reaching implications of the Bernard Madoff scandal, and Bennett discussed the possible legal ramifications from the Madoff investigation. He noted that the litigation that may arise from this case will spawn a whole industry for the next decade and will test the limits of trustee powers to go after investors. Another big issue, according to Bennett, will be how to handle the fees paid by investors to funds or advisors on profits that now appear to have been illusory. Some are suggesting that those fees should be returned, which Bennett notes is a scary claim for the fund managers.
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