Wolf Haldenstein Adler Freeman & Herz LLP Forms Madoff Related Fraud Task Force

Wolf Haldenstein Adler Freeman & Herz LLP announces that it has formed a Madoff Related Fraud Task Force, specifically designed to advise clients with inquiries regarding financial losses incurred in relation to involvement with Bernard L. Madoff's (“Madoff”) investments.

The Madoff Task Force is co-chaired by Gregory Mark Nespole and Demet Basar. Mr. Nespole is responsible for the investigation and initiation of securities class actions and derivative litigations for the firm and has been appointed lead or co-lead counsel on behalf of stockholders in many actions pending across the United States. Ms. Basar’s practice is in complex commercial litigation, including securities litigation. The Task Force team also includes lawyers and professionals from New York City, Chicago, and San Diego with extensive experience in finance, securities investigations and regulation, and civil litigation.

Among the affected parties in Madoff’s controlled entities is Banco Bilbao Vizcaya Argentaria, S.A. [NYSE: BBV]. Wolf Haldenstein’s Madoff Task force is examining how its involvement has affected investors, as well as the involvement of other publicly traded companies.

Wolf Haldenstein has been retained by individuals and institutions that have lost hundreds of millions of dollars due to investments made by Funds of Funds (“FOFs”), Hedge Funds, Investment Advisory Firms, International Banking Concerns, and Brokerage Houses through Madoff Investment Securities LLC and Madoff. It is now apparent that FOFs, Hedge Funds, Investment Advisory Firms, and Brokerage Houses invested billions of dollars with Madoff and these investments are now worthless.

FOFs market themselves to institutional and retail investors based on their purported expertise in picking qualified managers and the due diligence they purportedly perform on the managers to whom they ultimately commit capital. It is becoming increasingly apparent that the FOFs that entrusted their clients’ money with Madoff should have been aware of the numerous “red flags” that were raised by Madoff’s activities. It is also now apparent that these FOFs failed to perform the necessary due diligence that they were being compensated to perform as investment managers and fiduciaries.

Some of the FOFs that invested with Madoff include Tremont Capital, Farfield Greenwich Advisors, Fairfield Sentry, RMF Investment Management, Bramdean Alternatives, Union Bancaire Privee, Maxam Capital Management, EIM Group, and Rye Select Broad Market Fund.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. Please visit the Wolf Haldenstein website (http://www/whafh.com) for more information about the firm.

If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Website: http://www.whafh.com

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