KeyCorp defends class actions alleging securities fraud and ERISA violations arising out of investments related to Bernard Madoff
Jones Day defended KeyCorp and an affiliate that managed a family of funds-of-hedge-funds against class actions arising out of the Bernard Madoff scandal. After the funds-of-hedge-funds suffered losses as a result of investing in vehicles whose assets were misappropriated by Madoff, investors in the the funds filed suit, alleging securities fraud and ERISA violations. The court dismissed the bulk of the plaintiffs' claims on our motion to dismiss, which led to a mutually agreeable settlement.
In re Austin Capital Management, Ltd. Securities & ERISA Litigation, MDL No. 2075 (S.D.N.Y.)