TCW Loses Bid To Gut Hedge Funds’ $128M MBS Suit
Law360, New York (October 19, 2015, 10:01 PM EDT) -- A New York judge refused to end a $128 million suit Friday alleging TCW Asset Management Co. lied to investors about the value of certain mortgage-backed securities products, saying it’s too early to determine whether two hedge funds were fraudulently induced to invest.
Judge Shirley Werner Kornreich said there isn’t enough information yet to decide whether TCW is entitled to summary judgment on the sole remaining claim in a suit brought by Cayman Islands-incorporated funds Basis Pac Rim Opportunity Fund and Basis Yield Alpha Fund, alleging the company convinced them to buy the now-defunct Dutch Hill Funding II Ltd. for $28.1...
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