Bernard Madoff may be hoping his guilty plea will draw a line under what federal prosecutors say is a decades-long fraud scheme but Fairfield, in Connecticut, is not ready to move on.

Fairfield’s pension fund for public servants lost $42m

The town’s pension fund invested a total of $15.8m with Mr Madoff a decade ago; invested mostly through the Maxam feeder fund. According to statements the fund received from Mr Madoff, its investment had grown to $42m.