The funds managed by the firm “lost far more from the Madoff fraud than they ever redeemed,” the statement said. “There is no merit to this lawsuit and it will be defended vigorously.”

HOLY COW!  What an argument.  Not only did we ignore things that any logical investor would have questioned, but we sucked at our job too!

The nerve of the folks involved in this scandal amazes me from week to week.  Love the SEC and their super slueths who are in the field.

NY trustee sues Connecticut fund in Madoff case – Yahoo! Finance.

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