Austin Capital Management Ltd. - Securities Class Action

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Austin Capital Management Ltd. Summary: According to a press release dated April 8, 2009, the complaint charges the company, its investment managers and its outside auditors with violations of the Securities Exchange Act of 1934 and ERISA. The company is a limited partnership that oversees hedge fund investment portfolios for individual and institutional clients.

The action includes a sub-class of those employee benefit plans which invested with the company during the Class Period, asserting claims under the Employee Retirement Income Security Act of 1974 (“ERISA”) for breach of fiduciary duty.

The complaint alleges that The company placed significant amounts of investor money into funds managed by Madoff and his firm. Madoff has now been charged with running what may be the largest Ponzi scheme ever. Unbeknownst to investors in its funds, The company had invested approximately 7.5% of its funds in Madoff-managed investments. This was contrary to the duties The company had to its investors of good faith and fair dealing and contrary to the representations The company had made regarding its processes for selecting fund managers. As a result of defendants’ breaches and false statements, the company investors made additional investments in the company and/or held interests they would have redeemed.

On August 13, 2009, the case was transferred to the Southern District of New York under Multi-District Litigation in In Re: Rye Select Broad Market Prime Fund Securities & Employee Retirement Income Security Act (ERISA) Litigation, case number 1:09-md-02075-TPG.

On October 23, 2009, Judge Thomas P. Griesa signed the Order consolidating several actions under MDL case number, 09md2075. The Operating Engineers Trust Funds, Sheet Metal Workers' National Pension Fund, and International Brotherhood of Teamsters Local 705 Pension Fund are appointed Lead Plaintiffs and the law firms of Coughlin Stoia Geller Rudman & Robbins LLP and Hagens Berman Sobel Shapiro LLP are appointed Co-Lead Counsel for plaintiffs. The Clerk of the Court is directed to close the docket in 09 Civ. 3614 (TPG), 09 Civ. 7134 (TPG), and 09 Civ. 7135.

On October 6, 2010, the plaintiffs filed a Consolidated Amended Class Action Complaint. The plaintiffs soon after filed a Consolidated Second Amended Class Action Complaint on December 10, 2010. The defendants responded by filing a motion to dismiss on December 23, 2010. The motion is currently pending before the Court.

INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Financial
Industry: Investment Services

COMPANY/ISSUER NAME:	Austin Capital Management Ltd.
COMPANY/ISSUER TICKER:
COMPANY WEBSITE:	http://www.austincap.com/contact.htm

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Construction Industry And Laborers Joint Pension Trust and Plumbers and Pipefitters Union Local 525 Pension Plan, et al. v. Austin Capital Management Ltd., et al.

COURT: S.D. New York	DOCKET NUMBER: 09-CV-3614
JUDGE NAME: Hon. Colleen McMahon
DATE FILED: 04/08/2009	SOURCE:
CLASS PERIOD START: 01/02/2005	CLASS PERIOD END: 12/11/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 58 South Service Road, Suite 200, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint For Violation Of The Federal Securities Law, ERISA and New York Law
Type: Complaint		Date on the document: 04/08/2009
Order Renaming Litigation
Type: Order		Date on the document: 08/13/2009
Transfer Order
Type: Order		Date on the document: 08/13/2009
Order
Type: Order of Consolidation		Date on the document: 10/23/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 10/23/2009

REFERENCE COMPLAINT

In Re: Austin Capital Management, Ltd., Securities & Employee Retirement Income Security Act (ERISA) Litigation

COURT: S.D. New York	DOCKET NUMBER: 09-MD-02075
JUDGE NAME:
DATE FILED: 12/10/2010	SOURCE:
CLASS PERIOD START: 01/02/2005	CLASS PERIOD END: 12/11/2008
TYPE OF COMPLAINT: Second Amended and Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 58 South Service Road, Suite 200, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Hagens Berman Sobol Shapiro LLP (Seattle) 1301 Fifth Avenue, Suite 2900, Seattle, WA, 98101 (voice) 206-623-7292, (fax) 206-623-0594, info@hagens-berman.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE REFERENCE COMPLAINT
Notice Of Appeal
Type: Notice of Appeal		Date on the document: 12/16/2009
Consolidated Second Amended Class Action Complaint
Type: Complaint		Date on the document: 12/10/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 03/24/2011

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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