Citco Still On Hook In $550M Hedge Fund Fraud Suit

Law360, New York (January 6, 2009, 12:00 AM EST) -- A federal judge overseeing investor litigation stemming from the collapse of two British Virgin Islands-based hedge funds has denied a bid by Citco Group Ltd., the parent company of the former administrator of the funds, to be dismissed from the case.

In a 70-page order issued Monday, Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York refused Citco Group's motion for summary judgment, saying evidence pointed to the firm's culpable participation in the alleged fraud that led to the funds'...
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