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Connecticut Town Sues Madoff, Family and Two Hedge Funds Over Losses

A Connecticut town is suing disgraced financier Bernard Madoff, his family and two investment companies after allegedly losing millions of pension dollars in Madoff's Ponzi scheme.

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The lawsuit was filed Monday in Bridgeport Superior Court by the town of Fairfield and its pension board. The board invested about $15 million with Madoff, but was led to believe it had grown to $42 million.

Fairfield is also suing members of Madoff's family and Tremont Partners and Maxam Capital Management for failing to oversee Madoff's investments. The town says the companies charged the pension fund huge fees while knowing that Madoff was engaged in illegal conduct.

Madoff's attorney, Ira Sorkin, declined to comment.