Austin Capital Management faces another Madoff-related lawsuit - St. Louis Business Journal:

Air Purifiers Sterling Heights
The suit, filed by the firm on behalcf ofthe Pittsburgh-based Board of Trustees of the Steamfitters Local 449 Retiremen Security Fund and a nationwide class of similar accuses Austin Capital of failing to prudentlh invest the benefit funds’ assets in accordance with the Employee Retirement Income Security Act. The suit also names as defendanta individual officers and managers at Austin Capital as well as itsaffiliatede companies, KeyCorp, Victory Capital Management, and Austin Capital Managementy GP Corp.
Plaintiffs seek to represenr all employee benefit plans that used Austin Capita l as an investment manager and lost money due to Austin Capital’s purchase of Madoff-related securities. The Austin Business Journalp has not been able to reac the managing director of Austij Capitalfor comment. Bernard Madoff was arrested on Dec. 11, and charged with running a $64 billion fraud consideresd to be aPonzi scheme. In March, he pleaded guilty to all 11 chargewagainst him.
• That Madoff actecd as his ownprime broker, while most hedge funds used large banks as their primse brokers • That Madoff’s auditors consisted of one offices in Rockland County, with three employees The complaint says several other investment managers noticed such red flagzs and declined to invest. In February, Spector Rosemamn Kodroff & Willis filed a similar class action suit led by the Pensiob Fund for Hospital and HealthCare Employees-Philadelphia and Vicinityu and a class of similar funds. And in San Diego-based firm Coughlin Stoia GelleerRudman & Robbins LLP filed a suit on behalf of investorsd in Austin Capital hedge funda during the period between Jan.
2, 2005 and Dec. 11, 2008. Also in the Massachusetts Pension Reserves Investment Management whichoversees $38 billion, decide to fire Austin Capital after losing $12 million in the Madofvf scheme.