Participants in the Madoff investment scandal the receiver assigned to Madoff's Ponzi scheme, extracted a settlement from Tremont worth over one billion dollars. A $1 billion class-action federal lawsuit was filed in Colorado against Fiserv, Inc. of Brookfield, Wisconsin whose subsidiaries were custodians for pension or IRA accounts and invested with Madoff. The complaint alleges Fiserv failed "to hold and safeguard assets entrusted to it" by about 800 Madoff customers who had been told to hire Fiserv to handle their accounts with him. Fiserv is accused of breach of fiduciary duty, fraud, negligence and aiding and abetting breach of fiduciary. Fiserv sold its investment account administration
Enterprise Investment Scheme and low Market liquidity meaning that it may be difficult or time consuming to sell or realise the investment. The tax reliefs available under EIS are intended to offer investors some incentive to counterweigh those risks. The EIS offers several different kinds of tax relief, available both to direct investors and investors through a managed EIS fund or portfolio service. They are conditional upon the company receiving investment being a qualifying company under the scheme. A brief summary of the tax benefits is as follows: The rules for qualifying are complicated; for example, the following are some of the qualifications