Connecticut Law Tribune: Class Action Denied In Madoff-Related Litigation

As reported in the Connecticut Law Tribune, a federal court judge in New Haven has ruled that people who invested with imprisoned swindler Bernard Madoff through Westport National Bank will not be able to file a class action lawsuit against the bank.

The 26 plaintiffs in Backus v. Connecticut Community Bank were suing for part of $60 million lost from accounts the bank invested with Bernard L. Madoff Investment Securities. The plaintiffs argue that the bank breached its contractual duty to serve as custodian of the accounts, a role designed to prevent fraudulent investment activity. 

To read the full story in the Connecticut Law Tribune, click here.