Zuckerman May Sue Over Madoff Losses

Mort Zuckerman is considering legal action over the $30m loss by his charitable foundation in Bernard Madoff’s alleged $50bn fraud. Mr Zuckerman said, “I will be taking legal action at some point against the person who led the chief portion of the fund.” The investment of almost all of the $1.8bn Ascot fund with Mr Madoff “was inconsistent with the agreements we had”, he claimed.

Financial Times has the whole story, and special thanks to Joel Dobris, UC Davis, for this article.