Fiserv Inc Sued by Madoff Victims

Filed April 24th, 2009 meg

Customers that entrusted a former unit of Fiserv Inc. with custody of their retirement plans are suing the technology company to recoup money lost in the Bernard Madoff fraud.

The lawsuit, filed in U.S. District Court in Denver, seeks to recover up to $1 billion on behalf of 800 investors.

A former unit of Fiserv Inc. that custodied retirement-plan money for Madoff’s firm had received repeated warnings from one of its financial advisors in regards to the Ponzi scheme Madoff was orchestrating.

A version of the suit filed on Thursday claims that investment consultant Rogerscasey LLC, which subadvised Fiserv’s retirement funds, issued several warnings about Madoff.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netvouz
  • DZone
  • ThisNext
  • MisterWong
  • Wists
  • blinkbits
  • BlinkList
  • blogmarks
  • feedmelinks

Leave a Reply

Click Here Now, to Have an Attorney Answer Your
Consumer Fraud Questions
No Cost - No Obligation!