Trust Updates Archive
(Feb. 11, 2009--Chicago, IL) -- Plan fiduciaries holding Madoff investments must take appropriate steps to limit loss exposure, says the U.S. Department of Labor.
Recommended appropriate steps include:
> Requesting disclosures from investment managers, fund managers, and other investment intermediaries regarding the plan's potential exposure to Madoff-related losses.
> Making appropriate disclosures to other plan fiduciaries and plan participants and beneficiaries.
> Determining whether the plan has claims that are reasonably likely to lead to recovery of losses and determining if those claims should be asserted against other fiduciaries or other intermediaries who placed plan assets with Madoff entities
> Filing claims against the Madoff bankruptcy estate.
Regulators stress that "fiduciaries must ensure that claims are filed in accordance with applicable filing deadlines."
The website of the court-appointed bankruptcy trustee (click here) contains the liquidation notice, claim forms and related claims information, and deadlines for the filing of claims with the trustee.
For more on this topic, see the upcoming issue of Trust Regulatory News.
No statement in this issue is offered as or should be
construed as legal opinion or advice.
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