According to the AP, A judge has thrown out several lawsuits by investors who blame hedge funds for failing to detect Bernard Madoff's massive fraud, saying the one-time Nasdaq chairman "cleverly leveraged his considerable reputation" to dupe even the most sophisticated financial entities, including regulators and Wall Street banks.
In a Friday ruling that was made public today, Judge Deborah Batts concluded that investors in the hedge funds run by J. Ezra Merkin were sufficiently warned about risks.
Merkin's funds had put more than $2 billion of investors' money into Madoff's investment business. The Manhattan judge noted that the plaintiffs had cited testimony by Merkin that he was aware of a number of people who were suspicious of the returns Madoff claimed to achieve….
Find out the rest at http://online.wsj.com/article/AP67fff1677fe2433a949b71a2fc346ff9.html
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