CaribWorldNews, NEW YORK, NY, Mon. Sept. 14, 2009: A judge last week denied a Banc of America Securities LLC motion for summary judgment in a lawsuit that has links to the British Virgin Islands.
The Pension Committee of the University of Montreal is suing Banc of America Securities LLC over the liquidation of two hedge funds in the British Virgin Islands. The suit, filed in Manhattan District Court, claims the move is an effort to recoup losses suffered when Lancer Offshore Inc. and OmniFund Ltd of the BVI were liquidated.
The 20 plaintiffs claim that BAS aided and abetted the funds` managers in deceiving investors and causing them to lose over $550 million.
Judge Shira Scheindlin denied the BAS motion last Thursday and ruled for a conference between the two sides tomorrow, September 15.