Saturday, December 20, 2008

Madoff Middlemen Are Circling the Wagons

Not that it took any legal genius to figure out, but I mentioned a few days ago that the Madoff Middlemen - the advisers and hedge funds who put their clients' money with Madoff - are going to be the viable defendants in the Madoff Mess. Apparently the Madoff Middlemen agree.

These advisers and funds are all out hiring attorneys, and BigLaw is responding by creating "Madoff Advisory Groups" as if that means something special (more on that later).

Legal pundits don't believe that the BigLaw firms can economically handle the cases, (see the quotes by Professor Coffee and Professor Weisberg at and acknowledge that it will be the small boutique firms that ultimately run with this litigation, but that is not stopping the Middlemen from hiring the firms.

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