Hedge Funds Want Suit Over Ponzi Losses Shifted

Law360, New York (April 07, 2011, 9:02 PM ET) -- A group of hedge funds on Thursday sought to transfer a proposed class action in California stemming from losses the funds incurred because of Ponzi schemes run by Thomas J. Petters and Bernard Madoff to Delaware and Florida state courts.

Oral arguments took place during a hearing in the U.S. District Court for the Northern District of California, where Judge William Alsup is overseeing the class action against the funds, including Sky Bell Asset Management LLC, Pipeline Investors LLC and Wailea Partners LP, among others, as...
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