Accounting firm BDO Seidman has been sued in connection with the $50 billion Ponzi scheme run by Bernard Madoff's investment securities business, even though it wasn't Madoff's auditor.

The New York Law School sued BDO Seidman for its audits of Ascot Partners, a fund that invested heavily with Madoff's securities firm. The law school also sued Ascot, as well as J. Ezra Merkin, chairman of GMAC Financial Services, which managed the fund.

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