Platinum Liquidators Try To Save Fraud Liability Suit

Law360 (May 14, 2019, 4:40 PM EDT) -- Platinum Partners' liquidators urged a New York federal court Monday to keep alive their lawsuit over the hedge fund's collapse, claiming a Second Circuit rule referenced in the defendants' dismissal bid didn't apply to this particular case.

More than a dozen defendants argued last month that the liquidators' claims are barred by the 1991 ruling in Shearson Lehman Hutton Inc. v. Wagoner, which established that a plaintiff lacks standing to sue third parties over misconduct for which it shares equal blame. As successors-in-interest for Platinum Partners Value Arbitrage Fund LP, the liquidators cannot now attempt to recover funds from outsiders for the alleged...

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