Directors Can't Escape Louisiana Pension Funds' Suit

Law360, Los Angeles (September 30, 2016, 6:32 PM EDT) -- A Louisiana federal judge on Friday refused to grant investment managers' bid to dismiss a suit by three state pension funds against the managers arising out of the funds' $100 million purchase of an insolvent investment vehicle, rejecting the managers' claims they are not subject to personal jurisdiction.

The ruling comes three years after Peter M. Zayfert, Alphonse Fletcher Jr., Fletcher Asset Management Inc., Denis Kiely and Duhallow Financial Services LLC — among the nearly two dozen parties named in the suit — argued that since they neither reside nor conduct business in Louisiana, they should not be named in the...

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