Fairfield Greenwich, believed to be the biggest single loser in Bernard Madoff’s alleged $50bn “Ponzi” scheme, is considering suing PwC, its own accountants, for failing to detect the fraud, as victims search for sources of compensation for their losses. The fund, whose clients stand to lose $7.5bn invested with Bernard L Madoff Investment Securities, is considering the action after an auditor was named in a case brought by another victim. With three of the four top accountancy firms – PwC, KPMG and Ernst & Young – auditing the Madoff feeder funds, lawyers say they are likely to be targeted for legal action.

This entry was posted by Gwen Robinson on Thursday, December 18th, 2008 at 5:32 and is filed under Capital markets, People. Tagged with Fairfield Greenwich, madoff, PWC. Edit this entry.