Murray, Frank & Sailer LLP and Hahn Rechtsanwaelte Partnerschaft form "Task Force" to investigate claims on behalf of investors relating to Madoff's billion dollar Ponzi Scheme
New York / Hamburg, 2/17/2009. Murray, Frank & Sailer LLP ("MFS") and Hahn Rechtsanwaelte Partnerschaft ("HRP") announce the formation of a joint Task Force to investigate possible avenues of asset recovery on behalf of investors who invested directly and/or indirectly in funds controlled and/or managed by Bernard L. Madoff. In addition to Madoff and his investment business, Bernard L. Madoff Investment Securities LLC, also under scrutiny as possible defendants are UBS and certain UBS subsidiaries, and HSBC Group, as well as certain accounting firms. The Task Force is further considering possible defenses to "clawback" claims that might be brought by the trustee who has been appointed by United States Bankrupty Judge Peck to handle the liquidation of Bernard L. Madoff Investment Securities LLC.
On December 11, 2008, Madoff was arrested in New York City and charged with creating a multibillion dollar Ponzi scheme that defrauded investors out of billions of dollars over a period of many years. The U.S. Securities and Exchange Commission ("SEC") has frozen Madoff's personal assets. The SEC suggests that in total Madoff's Ponzi scheme bilked investors out of $50 billion. Madoff is currently under house arrest and confined to his home in Manhattan.
Investors in Germany have also suffered losses relating to Madoff's Ponzi scheme, in particular those who invested in German-based investment funds such as Thema International, Herald USA, and Luxalpha, or who invested in more than 40 other investment funds based in Germany which in turn invested the assets in Madoff-related entities, Alceda Fund Management S.A, AmpegaGerling Investment GmbH, Carat AG, Frankfurt Trust Investment GmbH, and Universal Investment GmbH.
MFS and HRP's joint task force is led by MFS partners Marvin L. Frank and Jacqueline Sailer together with HRP partner, Peter Hahn.
About Murray, Frank & Sailer LLP:
Murray, Frank & Sailer, located in New York City, is a nationally-recognized securities class action firm. It has devoted its practice to shareholder class actions and complex commercial litigation and has recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
About Hahn Rechtsanwaelte Partnerschaft:
Hahn Rechtsanwaelte Partnerschaft, located in Hamburg, Germany, has been recognized by JUVE, 2008/2009, a publication that covers German law firms, as one of the leading German law firms specializing in securities law and representing investors. Peter Hahn, M.C.L. (University of Miami), concentrates his practice in German banking and capital market law.
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HAHN RECHTSANWAELTE PARTNERSCHAFT
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