Court: U.S. District Court
Location: Washington
Hagens Berman Sobol Shapiro filed a lawsuit against an investment fund on behalf John Dennis, an investor, claiming the fund did not perform adequate due diligence before investing his funds with Bernard Madoff.
The lawsuit, filed against Redmond, Wash.-based FutureSelect Prime Advisor II LLC, claims the investment fund and its managing partner, Ron Ward, charged Dennis a management fee of at least 1.5 percent, but did little other than turn the funds over to the Tremont Group, a holding company for a group of hedge funds including the Rye Broad Market Fund. The Rye Fund, in turn, placed investor funds with Bernard Madoff.
The suit claims that had Ward done adequate due diligence, he would have recognized the massive Ponzi scheme within Madoff's operations, which ultimately led to losses for Dennis and other FutureSelect investors.
The suit seeks to recover the losses incurred by Dennis.
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