Fund Sues Banks Over Support Of Lancelot Fraud

By Nick Malinowski

Law360, New York (March 03, 2010, 1:31 PM ET) -- A group of investors has sued Swiss Financial Services Inc., Citizens Financial Group and the Royal Bank of Scotland Group PLC, accusing the banks of convincing them to drop $65 million into Lancelot Investors Fund LP, which the banks knew to be a massive fraud.

Agile Sky Alliance Fund LP and related entities on Monday lodged an amended complaint in the U.S. District Court for the District of Colorado, alleging the banks turned a blind eye to the fraud and actively misled investors in order to...
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