Berman's Quick Strike On the Madoff Front

 
Seattle's class-action strike force has moved quickly in the Bernard Madoff case, the potential $50 billion Ponzi scheme that could be the largest financial fraud in history. The Berman Sobol Shapiro law firm on Monday filed a lawsuit in California federal court on behalf of investors who delt with financial firms aligned with Madoff Investment. Aggressive and flamboyant, firm managing partner Steve Berman (left) issued a press release that noted:

The lawsuit comes on the heels of Madoff's arrest and announcement to employees and family that he was 'finished.' He stated 'it's all just one big lie' and that the business was 'basically, a giant Ponzi scheme.' He also affirmed that [Madoff's firm] was insolvent and had been for years. Investors around the country were shocked late last week as many learned their entire investment was gone.

Berman Sobol had only last Friday gone trolling for clients, announcing it was "investigating the investments and perpetrators" of the scheme and "the potential for a lawsuit." But the firm's agility is legendary, and is one of the reasons its active class-action case list runs close to 100, taking on such varied corporate giants as Honda, Korean Air, Starbucks, Costco, Boeing, e-Bay, Intel  - even Thomas The Train.