Legal Opinion
In Re Arrowhead Capital Management LLC Class Litigation
District Court, D. Minnesota
Decided May 17, 2010No. 09-CV-1736 (JMR/FLN)PublishedCited by 5 opinions
1Opinion of the Court
ORDER
JAMES M. ROSENBAUM, District Judge.
This lawsuit is one of many arising from the collapse of Tom Petters’ $3 billion Ponzi scheme. Each defendant, separately, moves to dismiss plaintiffs’ putative class action complaint. The motions to dismiss are granted.
Plaintiffs purchased shares in an investment fund. The fund, in turn, invested in a number of Petters-affiliated entities. When, in September 2008, Petters’ house of cards collapsed, plaintiffs’ investments vaporized with it. Plaintiffs are suing the investment fund managers and outside auditor, hoping to recoup some or all of their…
2Cases cited13 opinions
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- Gmac Commercial Credit Llc, Gmac Commercial Finance LLC v. Dillard Department Stores, Inc., Dillard's, Inc.Court of Appeals for the Eighth Circuit · 2004
- Cabalceta v. Standard Fruit Co.Court of Appeals for the Eleventh Circuit · 1989
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