Briefly: Columbia Law loses $3 million to Madoff

Columbia Law School announced it lost $3 million to investor Bernie Madoff, Bloomberg News reported Wednesday. The money lost was not invested as part of Columbia’s “merged endowment pool” — which holds the bulk of the University’s endowment and is invested by the school’s investment management company — but rather as an independent gift to the school made in 1980. In this case the donor, whom Columbia declined to name, managed the gift. The school has not uncovered any investments in its merged endowment pool linked to Madoff, Bloomberg reported. The loss makes Columbia the first Ivy League school to report losses in the wake of Madoff; Yale has said it had no exposure to his firm.

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