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Call Stamford (203) 325-4491
Bridgeport (203) 386-9844
Danbury (203) 816-8476
Greenwich (203) 489-2952
Hartford (860) 785-6585

New Haven (203) 916-5796
New London (860) 785-6581
Waterbury (203) 916-5785
Westport (203) 349-8154
Out of State (866) 248-8744

Conn. Bank Settles Madoff Lawsuit, Wins Verdict

November 13, 2013 

A Connecticut bank has agreed to pay more than $7 million to investors who lost millions of dollars in Bernard Madoff’s massive Ponzi scheme but it also won a jury verdict involving two of the investors, attorneys said Thursday. The investors contended Westport National Bank failed at its job as custodian of their retirement accounts. The bank argued it met its obligations and was not responsible for uncovering the fraud. The bank, whose parent company is Connecticut Community Bank, reached a $7.7 million settlement last week with about 240 account holders, attorneys said. Investors put about $12 million into the accounts over the past 20 years, including about $5 million since the bank took over the account, said David S. Golub, attorney for about one-third of the investors.

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