Class Action On Behalf Of FM Low Volatility Fund L.P. Investors Relating To The Bernard Madoff Ponzi Scheme Filed 12/24/2008

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Company Name(s): 
FM Low Volatility Fund
Case Name: 
Class Action On Behalf Of FM Low Volatility Fund L.P. Investors Relating To The Bernard Madoff Ponzi Scheme Filed 12/24/2008
Case Status: 
Lawsuit Filed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/24/2008
Class Period Begin: 
04/08/2008
Court of Filing: 
U. S. District Court for the Southern District of New York
Summary: 

On Wednesday, December 24, 2008, an investor of FM Low Volatility Fund, L.P. has filed a proposed class action lawsuit in the United States District Court, Southern District of New York, against defendants Family Management Corporation and other defendants, on behalf of all persons, who invested in the FM Low Volatility Fund, L.P. from April 8, 2008 until the present, and derivatively on behalf of the nominal defendant, FM Low Volatility Fund, L.P., to recover damages caused by Defendants’ violations of the federal securities laws and common law claims, including breach of fiduciary duties.

According to the complaint the plaintiff alleges that between April 8, 2008 until the present, unbeknownst to investors, Family Management Corporation, general partner of the Fund, concentrated more than half of the Fund’s investment capital with at least three funds of funds that, in turn, all heavily invested in entities managed by Bernard Madoff or Madoff-related entities. Investors who entrusted their savings to FMC suffered millions in damages as a result of Madoff’s fraudulent scheme. According to the investor the defendants failed to perform the necessary due diligence that they were being compensated to perform as investment advisors, managers and fiduciaries and the defendants either knew or should have known that the Fund’s assets were employed as part of a massive Ponzi scheme orchestrated by Madoff