The Securities Litigation Uniform Standards Act bars a class action under California securities law filed on behalf of purchasers of limited partnership interests in two hedge funds that tanked after the Madoff Ponzi scandal came to light, the U.S. District Court for the Southern District of New York ruled Sept. 27 (Lakeview Investment LP v. Schulman).
In other fallout from the funds’ collapse, the court separately allowed other investors to proceed with federal securities fraud and other claims (
Judge Thomas Griesa explained that plaintiff Lakeview Investment LP is a California-based hedge fund. ...
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