Funds of Hedge Funds Politics & Regulation Tax & Legal

Meridian and Ivy fend off Madoff-related lawsuits


Class action lawsuits filed by union pension funds are asserting that funds of funds managers were breaching their fiduciary duties with the exposure to Bernard Madoff in funds they offer or products they advise on.

In the case of Meridian Capital Partners, the Pension Trust Fund for Operating Engineers is seeking to recover losses from the money the fund of funds invested into funds managed by Madoff. The complaint charges Meridian and its executives, including Meridian co-founders William Lawrence and Donald Halldin, with violations of federal securities laws and ERISA,