Fiserv Slapped With Madoff Suit
By Victoria Barret, Forbes.com
A $1 billion class action lawsuit alleges links between banking software firm and the Ponzi scheme.
Banking software firm Fiserv was slapped with a $1 billion class action complaint on April 2. The lawsuit alleges that the $4.7 billion (sales) Brookfield, Wis., company should share responsibility for the fate of securities and cash Bernard Madoff was supposedly managing. Fiserv was a custodian of what could be a total of 1,000 pension and self-directed individual retirement accounts (IRAs) invested with Madoff. The suit also suggests unflattering links to the $65 billion Ponzi scheme.
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