Fund Administrator Off Hook In $550M Fraud Suit

Law360, New York (November 3, 2008, 12:00 AM EST) -- A division of State Street Co. is off the hook in a suit brought by dozens of investors over a $550 million loss stemming from the liquidation of two British Virgin Islands-based hedge funds, one of which the company administered.

The investors faulted International Fund Services (Ireland) Ltd. for calculating and disseminating artificial net asset values, or NAVs, for the fund from September through December 2002.

But Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York said on Wednesday...
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