Sky Bell Funds Sued Over Ponzi Investments

Law360, Los Angeles (May 6, 2013, 9:16 PM EDT) -- Seven limited partnership units operated by Sky Bell Asset Management LLC were hit with a proposed class action in Delaware federal court Monday by the limited partnerships’ owners, who say they lost millions when the funds’ money went into the Madoff and Petters Ponzi schemes.

The lawsuit, which alleges breach of fiduciary duty, aiding and abetting breach of fiduciary duty and negligence, raises allegations that the limited partnerships’ general partners did little or no due diligence regarding the investments they made. Meanwhile, the complaint alleges, the...
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