Judge Trims, Doesn't End, $10M Ponzi Scheme Suit

Law360 (June 14, 2021, 5:56 PM EDT) -- A Georgia federal judge declined to end a $10 million proposed class action against several investment advisers over an alleged Ponzi scheme run by a now-fugitive, but trimmed securities violations and breach of contract claims from the case.

U.S. District Judge William Ray II on Wednesday said investment advisers Matson Money Inc. may yet win a dismissal, but for now, there's enough evidence backing the allegations against it to let plaintiffs move forward with discovery related to claims of breach of fiduciary duty, negligence and negligence per se.

The proposed class should have the opportunity to conduct discovery and see if it can...

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