Meridian Says Class Action Doesn't Make ERISA Cut

Law360, Los Angeles (March 12, 2013, 10:31 PM EDT) -- Meridian Diversified Fund Management told a New York federal judge on Monday that a class action alleging that its hedge funds served as feeder funds for Bernard L. Madoff should be dismissed because the plaintiffs don’t have standing under the Employee Retirement Income Security Act.

The fund managers say the New Jersey Carpenters Annuity Fund and its administrative manager George Laufenberg don’t own shares of Meridian Diversified ERISA Fund Ltd. and thus have no standing to bring a shareholder derivative lawsuit under ERISA.

“These facts are dispositive and compel...
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