Platinum Affiliates Can't Duck All Of Liquidators' Claims

Law360 (June 24, 2019, 4:19 PM EDT) -- A New York federal judge on Friday kept alive portions of Platinum Partners' liquidators' lawsuit over the hedge fund's collapse, finding in part that a Second Circuit rule doesn't protect alter egos of Platinum from liability.

U.S. District Judge Jed Rakoff agreed with the liquidators that alleged Platinum alter ego Beechwood Capital Group LLC — a set of reinsurance and asset management companies — is not protected from liability by the Second Circuit's 1991 ruling in Shearson Lehman Hutton Inc. v. Wagoner, which established that a plaintiff lacks standing to sue third parties over misconduct for which it shares equal blame....

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