Chicago partner Bennett Lasko was quoted in Investment News on the far-reaching implications of the Bernard Madoff scandal. Bennett participated on a panel, sponsored by the Managed Funds Association, that discussed the possible legal ramifications from the Madoff investigation. Bennett 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.
To read the full article in Investment News, click here.