Putnam Freed From $70.5M Credit Agricole Suit

Law360, New York (June 13, 2011, 6:34 PM EDT) -- A New York state judge ruled Monday that investment adviser Putnam Advisory Co. LLC should not be a defendant in a lawsuit accusing French bank Credit Agricole SA of secretly helping a hedge fund short collateralized debt obligations, costing investors $70.5 million.

The plaintiffs — four purchasing entities that German bank IKB Deutsche Industriebank AG created to help it invest in real estate-linked CDOs — allege that they lost $70.5 million because Credit Agricole's Caylon unit allowed hedge fund Magnetar Capital LLC to purposely select weak...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.