And Yet Another Madoff Victim, Man Group

Man Group, the world's largest listed hedge fund, said today that it would take legal action over its exposure to the $50 billion (£34 billion) fraud allegedly perpetrated by Bernie Madoff. The British-based fund was one of the first businesses to admit exposure to the fraud, and Peter Clark, the chief executive of Man Group, said: "We will be suing the people involved. We will be looking for remedies on behalf of our investors."

Man Group's exposure of about $360 million means that it is estimated to be among the top 15 organisations worst hit by Mr Madoff’s activities.

It has also emerged that French investors said that they would undertake proceedings against banks, including UBS and HSBC, for allegedly helping to channel money to Mr Madoff.

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