Sunday, 29 March 2015
Last updated 1 day ago
Apr 10 2009 | 8:13am ET
Texas fund of hedge funds shop Austin Capital Management has been hit with a second class-action lawsuit over losses suffered in the Bernard Madoff Ponzi scheme.
A San Diego law firm filed the suit in New York federal court, accusing Austin and its outside auditors of breach of fiduciary duty for not telling investors that it had allocated some 7.5% of its funds to Rye Investment Management, a Madoff feeder fund. The suit, which is seeking a lead plaintiff, covers institutional investors for the period between 2005 and Madoff’s arrest last year.
In February, a Philadelphia pension fund filed a class-action suit against Austin in Philadelphia. Earlier that month, the Massachusetts Pension Reserves Investment Management Board fired the firm just four months into its contract due to the Madoff debacle.
Coughlin Stoia Geller Rudman & Robbins’ suit includes a sub-class for employee benefit plans, claiming breach of fiduciary duty under the Employee Retirement Income Security Act of 1974.
The lawsuit seeks to recover damages on behalf of all investors during the three-year period.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…