Split 8th Circuit Panel Partially Overturns Dismissal Of Ponzi Scheme Suit

Mealey's (June 5, 2020, 2:57 PM EDT) -- ST. LOUIS — In a divided opinion, an Eighth Circuit U.S. Court of Appeals panel on June 3 partially overturned a federal district court's dismissal of hedge funds' claims against entities associated with a multibillion-dollar Ponzi scheme for lack of jurisdiction, agreeing with the hedge funds' assertion that the lower court's ruling was premature as it pertained to three of the plaintiffs, which were based in the Cayman Islands (Ritchie Capital Management LLC, et al. v. JP Morgan Chase & Co., et al., No. 18-1130, 8th Cir., 2020 U.S. App. LEXIS 17471)....