January 15, 2009
Trustees Could Be Held Liable for Decisions in Madoff Case
These are trying times for the boards of charities and foundations that have seen investments evaporate in the Bernard Madoff fraud. But for the board members themselves, things could get even worse. Attorneys general, lawyers representing the very charities the board members serve, and possibly even the Internal Revenue Service could go after them under an array of state and federal laws that impose a fiduciary duty on board members and require them to act prudently when making investment
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