$16 Million Judgment After Jury Verdict in Groundbreaking Trial Over Madoff-Linked Audits by Ernst & Young
November 15, 2015
Congratulations to GTTC Partner Jeff Thomas and the firm of Thomas Alexander & Forrester L.L.P.! A King County jury returned a plaintiffs’ verdict that, with interest, resulted in $16 million judgment benefiting the client, Redmond-based FutureSelect Portfolio Management. Courtroom View Networks lists this verdict as one of the top 10 plaintiff’s verdicts in the country for 2015. The trial involved claims by FutureSelect that Ernst & Young failed to perform an adequate audit to test the existence of assets represented by Bernie Madoff’s accountant. The verdict represents the first successful lawsuit in the country against an auditor over losses tied to Bernie Madoff and the biggest Ponzi scheme in U.S. history. The jury’s award and the resulting judgment helps to recoup a portion of the many millions of dollars that FutureSelect had lost in its investment in a Madoff-linked feeder fund.
The case is FutureSelect Portfolio Management Inc. v. Ernst & Young, 10-2-30732-0, Superior Court of the State of Washington for King County (Seattle).
About GTTC: Founded in 1996, Gordon Tilden Thomas & Cordell LLP is a litigation and trial practice firm. We provide litigation and insurance policyholder recovery and coverage services to a broad spectrum of clients from FORTUNE 50 corporations to independent startups, government entities, not-for-profit organizations, and individuals. We generally litigate claims involving insurance recovery and coverage; corporate ownership, corporate governance and business contracts; shareholder rights and securities; product liability as well as personal injury.