Wow! Judge Rules Ezra Merkin and His Three Hedge Funds Not Liable to Investors for Placing $ With Madoff.

As we all know, "The Madoff Tragedy " has taken on a life of it's own . Lawyers getting richer, investors suing and following the money trail , SEC Investigations, Bankruptcy Court, Federal Court, State Court and thousands of Trustee-initiated lawsuits worldwide. Probably will continue for years to come!
In the latest of a series of high-impact decisions, Judge Deborah A. Batts ruled that Ezra Merkin and three of his "feeder hedge funds "(Moe, Larry and Curly) could not be held liable for investing their investors' money with Madoff . While he may have been imprudent , it does not amount to legal responsibility to his investors. Hmm !
Now correct me if I'm wrong , but shouldn't a hedge fund have a responsibility to its investors to be prudent when checking out billions of dollars of possible investments? Didn't Merkin have a relationship with Madoff? Doesn't it fail the smell test?
If you ask me, if Merkin is off the hook, then Wilpon's should be doubly(not Doubleday silly) off the hook ? Don't you think? Anyway, as we all know and expect the case is on its way to the Second Circuit Court of Appeals for final determination...Because Oz has not spoken yet! Stay tuned.