Firm Takes Aim At Basis Yield Fund Advisers

Law360, New York (June 15, 2010, 4:18 PM EDT) -- Slater & Gordon is pursuing financial advisers who recommended the sunk Basis Yield Fund to up to 700 Australian investors who lost a combined $300 million when the hedge fund swamped amid subprime lending defaults in 2007.

The Australian firm has been contacted by about 100 people who had bought into Basis Yield and is considering litigation against advisers — from both small services and “large financial institutions” — who promoted the hedge fund as a stable, low-risk product when they knew it to be high-risk,...
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