ALBANY - French investors who lost $43 million of their $50 million investment in highly leveraged structured investment vehicles have no claim against the management companies, a unanimous Court of Appeals held yesterday.
Chief Judge Jonathan Lippman (See Profile) said that while it has become clear in hindsight that a “greater degree of vigilance” was necessary in investing in funds dependent on sub-prime residential and mortgage-backed securities, Oddo Asset Management cannot sustain a lawsuit alleging that Barclays Bank and Standard & Poor’s aided and abetted a breach of fiduciary duty and tortiously interfered with a contract.
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