Miami Heiress Sues Northern Trust Over Executive’s Alleged Multi-Million Dollar Theft
Elizabeth Ludwig Madden, an 81-year-old heiress and long-time client of Northern Trust, has filed a lawsuit in Miami federal court accusing the bank and a former vice president of stealing millions of dollars from her accounts. The lawsuit alleges that Christopher Walters, a former senior fiduciary relationship advisor at the bank, orchestrated a decade-long scheme to siphon funds from Madden’s $20 million legacy trust.
Madden, the granddaughter of the founder of Security Trust Company—which Northern Trust acquired in 1971—claims Walters utilized her assets to pay off personal credit card debts, fund failed business ventures including a gym, and maintain a lavish lifestyle. The complaint asserts that Walters manipulated internal systems, falsified verbal requests, and doctored financial statements to conceal unauthorized transfers.
According to the filing, Madden discovered the discrepancies in the fall of 2024 after Walters was dismissed from the firm. Her legal team argues that Northern Trust failed in its fiduciary duty by ignoring red flags and lacking the necessary oversight to prevent the theft. The suit seeks at least $35 million in damages, contending that the bank’s negligence facilitated the “relentless and grossly predatory” financial exploitation.
Northern Trust has responded by portraying itself as a victim of Walters’ deception. In August, the bank filed its own lawsuit against Walters, characterizing his actions as “outrageous and intentional.” The financial institution stated that it conducted an internal audit, reported the alleged theft to federal authorities, and is currently working to remediate the harm caused to the affected client. Walters, who had worked with Madden for years, allegedly circumvented security protocols to hide his misconduct from colleagues.
miamiherald.com
thinkadvisor.com
miamiherald.com
thinkadvisor.com
thewealthadvisor.com
