Pension Fund Ponzi Loss Appeal Fails for Lack of Final Judgment

July 7, 2020, 9:22 PM

A group of Louisiana pension funds can’t appeal summary judgment against them in a suit against Citco Group Ltd. and related entities stemming from an alleged Ponzi scheme because no final judgment has been rendered in the case, the Fifth Circuit said Tuesday.

The three funds voluntarily dismissed one defendant without prejudice after financial services firm Citco won its judgment in 2019, Judge James C. Ho said for the U.S. Court of Appeals for the Fifth Circuit.

They then settled or secured default judgments against the several other entities allegedly involved in the scheme in an attempt to appeal Citco’s...

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