NEW YORK, USA: Fairfield Greenwich Group is considering suing its accountants, PricewaterhouseCoopers (PwC), for failing to detect the Bernard Madoff scam, the Financial Times reported on its website.
The asset-investment specialist has clients who stand to lose US$7.5 billion (S$11 billion) in Madoff's alleged US$50-billion Ponzi scheme.
The group, which is currently the biggest-known loser in theMadoff scandal, is considering the move after an auditor was named in a case brought by another victim. PwC and Fairfield could not be reached immediately for comment by Reuters.
The New York Law School on Tuesday sued investment firm Ascot Partners, its general partner J. Ezra Merkin and auditor BDO Seidman over investments with Bernard Madoff.
The small auditing firm Madoff used, Friehling & Horowitz, is under investigation by the District Attorney in Rockland County for potential violations of New York state law.
A federal judge on Wednesday ordered Madoff, 70, confined to his US$7-millionManhattan apartment and told Madoff's wife, Ruth, to surrender her passport as part ofmodified bail conditions. - REUTERS
