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EY FOUND LIABLE FOR OVER $10 MILLION IN MADOFF LOSSES

A jury in King County Superior Court has found the firm of Ernst & Young negligent and liable for half of more than US$20 million lost by a Washington state investment company in the wake of Bernie Madoff’s multi-decade investment scam.

Friday’s verdict pins responsibility on Ernst & Young for damages during the four years it audited funds managed by Tremont Partners, according to FutureSelect Portfolio Management attorney Steven Thomas. FutureSelect, of Redmond, and some related firms, lost a total of about $129 million in Tremont funds that sent money to Madoff.

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