Investors Beat Bid To Toss $40M NJ Ponzi Scheme Row

Law360 (August 27, 2018, 5:18 PM EDT) -- A New Jersey state judge has refused to toss a more-than-$40-million lawsuit from investors alleging their money was stolen by an investment manager as part of a Ponzi scheme, rejecting a former fund administration firm’s argument that they must arbitrate their fraud and related claims against the business.

Superior Court Judge Frank J. DeAngelis on Thursday denied a motion from the onetime fund administrator, Apex Fund Services (US) Inc., to compel arbitration or dismiss the complaint, saying the Vicor Tax Receivables LP investors are not parties to two agreements in question and thus they are not bound by the arbitration provisions...

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