2nd Circuit Rejects Bid For Rehearing Of Ponzi Scheme Case

(February 17, 2017, 2:16 PM EST) -- NEW YORK — In a two-sentence order, the Second Circuit U.S. Court of Appeals on Feb. 13 denied a motion to rehear an Employee Retirement Income Security Act lawsuit brought by pension fund trustees alleging that the fund’s investment manager and its principals knew that investing in a Ponzi scheme was imprudent (Trustees of the Upstate New York Engineers Pension Fund v. Ivy Asset Management, et al., No. 15-3124, 2nd Cir.)....

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