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Unions sue hedge funds over money lost by Madoff

Las Vegas Sun – Two Las Vegas unions claim to have lost almost $2 million in retirement funds to the Bernard Madoff Ponzi scheme, and have sued the hedge fund in which they had invested that money.

The unions — Laborers Union Local 872 and Plumbers and Pipefitters Local 525 — sued Austin Management Capital and sister companies Victory Capital Management and KeyCorp. The litigation, filed in U.S. District Court in the Southern District of New York on April 8, seeks class action status.

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