Madoff Investors Ask 2nd Circ. To Revive Class Action

Law360, New York (May 22, 2012, 5:05 PM EDT) -- A proposed class of investors who lost billions when Bernie Madoff's Ponzi scheme came crashing down asked the Second Circuit on Monday to reverse a lower court's dismissal of their lawsuit, which alleged mismanagement of their funds, for lack of jurisdiction.

The plaintiffs, including Criterium Capital Funds BV, Banca Arner SA and Nitkey Holdings Corp., among others, said a New York federal judge was wrong to find in March 2011 that the Securities Litigation Uniform Standards Act precludes their state common law claims.

They are suing...
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