Investors who put their money in a fund that invested heavily with Bernard Madoff cannot get damages from the administrator of the fund, Bank of New York Mellon, a Manhattan commercial division judge has ruled, dismissing a suit filed by a group of law firms on behalf of a class of investors.
The plaintiff law firms—Entwistle & Cappucci, Hagens Berman Sobol Shapiro and Bernstein Liebhard—filed Entwistle & Cappucci v. Bank of New York Mellon, 653415/2011, on behalf of investors in a group of funds called the Rye Funds, which were managed by Tremont Partners, Inc. They held accounts with Madoff valued about $3 billion when Madoff was arrested.
