More Madoff Victims: Columbia Law and Brown

Law school loses $3 million from endowment, while Brown benefactor folds.


Add two more schools to the never-ending list of Bernie Madoff victims: Columbia Law School and Brown University.

The Columbia Spectator reports that the law school lost $3 million from its endowment to Madoff's giant Ponzi scheme. Columbia's law school maintains a separate investment fund from the rest of the school and does not generally report its earnings and losses, so it's not clear how much these losses hurt. Columbia University's general endowment fund is valued at around $7 billion.

At Brown University, meanwhile, a foundation that has donated more than $500,000 to the school's Center for Alcohol and Addiction Studies has folded, thanks to Madoff-related losses. The JEHT foundation paid for "a collaboration between doctors and lawyers to conduct research and disseminate information on public policies and practices related to addiction." The research already underway is still scheduled to be completed.