Hedge Fund Gets Drier Trustee's $137M Suit Pared

Law360, New York (December 19, 2011, 8:13 PM EST) -- A New York bankruptcy judge on Monday partially granted hedge fund Westford Asset Management LLC's bid to nix a $137 million adversary suit brought against it by the trustee liquidating Dreier LLP, which was felled by founder Marc Dreier's massive Ponzi scheme.

The trustee seeks to recover money Westford was paid for investing in the scheme, which consisted of Marc Dreier selling fraudulent promissory notes to investors including Westford and telling them that a longtime Dreier client was soliciting investments to buy real estate when in...
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