Fund Failed To Show Madoff Investment Caused A Loss, New York Federal Judge Says
Mealey's (September 21, 2015, 11:11 AM EDT) -- NEW YORK — A New York federal judge on Sept. 16 dismissed a pension fund’s complaint against its investment advisers because the trustees of the pension fund failed to allege a legally cognizable loss sustained as a result of the placement of assets in Bernard Madoff’s Ponzi scheme (Trustees of the Upstate New York Engineers Pension Fund v. Ivy Asset Management, et al., No. 13-3180, S.D. N.Y.; 2015 U.S. Dist. LEXIS 123590).
(Opinion available. Document #54-151014-016Z.)
The Board of Trustees of the Upstate New York Engineers...