Publication

January 6, 2008Client Alert

The Claims Process Begins for Direct Investors in Bernard Madoff’s Money Management Firm

Customers of Bernard Madoff’s money management firm, Bernard L. Madoff Investment Securities LLC (BMIS) will receive formal notice from the receiver in charge of BMIS this week. Claim forms are available at www.madofftrustee.com. Investors that invested directly with Madoff’s failed money management firm should not assume that they will not recover anything. Investors should closely examine the notice because it describes the process and deadlines for submitting claims to the receiver.

Direct BMIS investors should also consider whether they can submit a claim to the Securities Investor Protection Corporation (SIPC). SIPC is a government and industry sponsored entity charged with paying up to $500,000 per claim for theft from brokerage accounts. While many investors invested far more than the $500,000 claim limit, investors should still consider submitting a claim with SIPC to mitigate some of their losses.

The SIPC website provides a form to complete and submit. That website is located at www.sipc.org.

To follow the receivership proceedings, go to www.madoff.com (the former BMIS website) or www.madofftrustee.com.

If you have any questions about what legal options you may have involving a direct or indirect Madoff investment, please contact John C. Thomure, Jr. at jcthomure@michaelbest.com or 414.225.4946, or Monica M. Riederer at mmriederer@michaelbest.com or 414.277.3459, who lead our securities litigation efforts involving investment advisors and money managers.

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