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Madoff Scandal An Additional Headache For E&O Insurers

Jonathan Legge, a managing director with Mercator Risk Services, said the reverberations will likely register as investment advisors and banks that invested clients' money through Mr. Madoff are hit w

By Phil Gusman | Updated on January 08, 2009

The impact on the errors and omissions insurance sector from the Bernard Madoff Ponzi scheme scandal will be astronomical and worldwide, according to an E&O specialist.

Jonathan Legge, a managing director with Mercator Risk Services, said the reverberations will likely register as investment advisors and banks that invested clients’ money through Mr. Madoff are hit with actions by investors.

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