Judge: Bank Of America Must Defend Lancer Hedge Funds Suit
Thursday, September 10, 2009 : PermalinkNasdaq – Bank of America Corp.’s (BAC) securities unit must defend an investor lawsuit over whether it aided and abetted Lancer Management Group LLC in deceiving investors about the value of two British Virgin Islands hedge funds‘ holdings.
In an order dated Thursday, U.S. District Judge Shira Scheindlin in Manhattan denied the Charlotte, N.C., bank’s motion for summary judgment in a case brought by investors in hedge funds Lancer Offshore Inc. and OmniFund Ltd.
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