Shareholder Appeal In Ponzi Scheme Lawsuit Dismissed On Jurisdictional Grounds

Mealey's (July 9, 2020, 2:01 PM EDT) -- NEW ORLEANS — Referencing a recent ruling within the circuit, a Fifth Circuit U.S. Court of Appeals panel on July 7 dismissed an appeal filed by shareholders in a securities class action lawsuit against parties the shareholders alleged operated a Ponzi scheme, ruling that the appellate court lacked the necessary jurisdiction to hear the appeal (Firefighters’ Retirement System, et al. v. Citco Group Limited, et al., No. 19-30165, 5th Cir., 2020 U.S. App. LEXIS 21130)....