Claim Against BofA Stands In $550M Hedge Fund Case

Law360, New York (December 3, 2009, 6:57 PM EST) -- A federal judge has kept alive a battle among defendants in litigation stemming from the collapse of two British Virgin Islands-based hedge funds, refusing a bid by Banc of America Securities LLC to dismiss cross-claims by Citco Fund Services (Curacao) NV, the funds' administrator.

Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York ruled Wednesday that despite BAS' misgivings, Citco's claims against it are adequately pleaded.

Calling them a “novel theory,” BAS had moved to toss Citco's claims alleging the...
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