Fund due diligence attacked as Madoff lawsuits mount

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Investors who lost billions of dollars to Bernard Madoff have filed several class action lawsuits alleging massive due diligence failures by fund management firms that placed money into the alleged $50 billion Ponzi scheme, even though scant detail has emerged on how the fraud worked.

On February 20, a group of investors filed a class action suit against New York-based Tremont Group Holdings, a feeder fund that had $3.3 billion of client assets invested with Bernard Madoff Investment Securities

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