Failed Funds Seek Damages From Banc Of America

Law360, New York (April 30, 2007, 12:00 AM EDT) -- A district court on Friday refused to dismiss a case brought by the liquidators of two collapsed hedge funds against Banc of America Securities LLC, alleging the financial services company helped the funds’ investment manager, Beacon Hill Asset Management LLC, perpetrate a fraud against the funds’ shareholders.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York gave the go ahead to claims brought by the liquidators of Bristol Fund Ltd. and Beacon Hill Master Ltd. against BAS, alleging that...
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