A federal appeals court has reinstated a lawsuit in which a German bank seeks to recover at least $60 million in losses that allegedly resulted from Aladdin Capital Management’s “grossly negligent” oversight of a collateralized debt obligation.
In reversing Southern District Judge Denise Cote (See Profile), the U.S. Court of Appeals for the Second Circuit said that an investor can bring an action against the portfolio manager even though the investor was not a party to the contract spelling out the investment manager’s duties.
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