The largest fraud case in history is certainly not going to just fade away, especially for those advisors who may not have taken a proper look at it before taking the plunge. As every junior lawyer knows, due diligence is not always the most exciting process but then again clients don’t pay their fees for nothing.

According to The Times a number of UK investors are planning legal action against HSBC, UBS, Barclays and Nicola Horlick’s Bramdean fund over advice received in relation to Madoff’s $50 billion fraud.

Apparently the investors include some of Britain’s richest people, whose combined losses may amount to nearly £87m. It is understood that one of the unfortunate Brits had £36m invested in Madoff funds!

Although a final decision on whether to sue the advisors has not yet been made, its still presents plenty of potential to cause further embarrassment for those in the spotlight. And it’s no doubt likely to provide some fairly lucrative fees for Edwin Coe too…