Maxam Fund sues auditors
NEW YORK - One of the many hedge funds struck by Bernard Madoff's giant Ponzi scheme before Christmas has filed a lawsuit to recover its losses. Maxam Absolute Return Fund lost $280 million and is suing its auditors Goldstein Golub Kessler, and McGladrey & Pullen. The Connecticut-based fund relied on the external auditors to examine Madoff's enterprise and alleges that their 2006 and 2007 audits were negligent and "unqualified". Madoff's investment management empire turned out to be a $50 billion Pyramid scheme.
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