Legal Opinion
Fraternity Fund Ltd. v. Beacon Hill Asset Management LLC
District Court, S.D. New York
Decided July 6, 2005No. 03 Civ. 2387(LAK)PublishedCited by 50 opinions
1Opinion of the Court
MEMORANDUM OPINION (Corrected)
KAPLAN, District Judge.
This is a private securities action based on an alleged valuation fraud involving three hedge funds.
Over the course of October and November 2002, the funds’ managers made a series of disclosures revealing that the net asset values of the funds had declined from the values reported as of August 31, 2002. Each subsequent disclosure revealed that the decline was greater than previously thought, with the final disclosure revealing that the NAVs had declined by 61.22 percent. The announcements prompted grand jury and SEC investigations and a…
2Cases cited79 opinions
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3Cited by50 opinions
- Cilp Associates, L.P. v. Pricewaterhouse Coopers LLPCourt of Appeals for the Second Circuit · 2013
- Anwar v. Fairfield Greenwich Ltd.District Court, S.D. New York · 2010
- In Re BISYS Securities LitigationDistrict Court, S.D. New York · 2005
- Fraternity Fund Ltd. v. Beacon Hill Asset Management, LLCDistrict Court, S.D. New York · 2007
- Securities & Exchange Commission v. LeeDistrict Court, S.D. New York · 2010
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