Westport National Bank Class Action
Westport National Bank for Losses in Madoff Ponzi Scheme
Five law firms from Connecticut and Florida – Silver Golub & Teitell (CT), McCabe Rabin (FL), Stein & Stein (FL), Emmett & Glander (CT), and Hurwitz, Sagarin, Slossberg & Knuff (CT) – have joined forces to co-counsel a class action on behalf of 26 investors against Connecticut Community Bank d/b/a Westport National Bank (“WNB”) for investor losses arising out of WNB’s relationship with Bernard L. Madoff Securities.
The law firms each were representing their own groups of clients and determined it would be more efficient and in the best interests of their clients if the firms agreed to co-counsel a class action against WNB to recover their clients’ losses arising out of the Madoff Ponzi Scheme.
In the class action complaint filed on July 6, 2009, the investors allege that WNB falsely represented that it was holding millions of dollars of securities in custodian accounts for hundreds of retirement plans and IRA owners, but in reality WNB held no investment assets. The complaint further alleges that any of the clients’ investment securities – which had been purportedly purchased by Bernard L. Madoff Securities – did not actually exist. Nonetheless, WNB and its agents PSCC, Inc. and Robert Silverman, collected millions of dollars in fraudulent, unjustified fees from Plaintiffs.
Plaintiffs seek relief for themselves individually and for others similarly-situated for losses of $60 million purportedly held by WNB, and for the millions of dollars in fees improperly collected by defendants.
For more information, contact Adam T. Rabin