Affiliates of Platinum Partners LLP, the disgraced hedge fund that collapsed amid fraud convictions, lost their bid Thursday to end litigation over an alleged scheme to enrich certain managers as Platinum came under criminal investigation.
The Delaware Chancery Court permitted Platinum’s corporate remnants and bankruptcy liquidators to move forward with the bulk of the claims in their lawsuit alleging fund managers and insurers, which provided liquidity to Platinum and were underwater on their investments, committed fraud and breached their fiduciary duty when they carried out transactions for the scheme in 2016.
The ruling is the latest setback for the ...
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