Case Page

 

Case Status:    SETTLED
On or around 09/07/2016 (Date of order of final judgment)

Filing Date: April 20, 2009

According to a press release dated April 20, 2009, the complaint charges Meridian, Meridian Diversified and their officers and/or partners with violations of the Securities Exchange Act of 1934, the Securities Act of 1933 and ERISA. Meridian is an alternative investment adviser offering funds of hedge funds to institutional and high net worth investors and acts as the managing member of Meridian Diversified.

The complaint alleges that Meridian Diversified 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, Meridian Diversified had invested 6% to 8% of its clients’ funds in Madoff-managed investments. This was contrary to the duties Meridian Diversified had to its investors of good faith and fair dealing and contrary to the representations Meridian Diversified had made regarding its processes for selecting fund managers. As a result of defendants’ breaches of fiduciary duty and false statements, investors made additional investments in the Funds and/or held shares they would have redeemed.

On August 11, 2009, the case was transferred to the Southern District of New York under Multi-District Litigation in In Re: Meridian Funds Group Securities & Employee Retirement Income Security Act (ERISA) Litigation, case number 1:09-md-02082-TPG.

On October 22, 2009, by Judge Thomas P. Griesa consolidated several actions for pretrial proceedings under the MDL case number, 09md2082. Pension Trust for Operating Engineers is appointed Lead Plaintiff, and the law firm of Coughlin Stoia Geller Rudman & Robbins LLP is appointed Lead Counsel for plaintiffs. On December 10, 2010, the lead plaintiff filed a Consolidated Class Action Complaint. On February 8, 2011, a Stipulation of Voluntary Dismissal was filed, voluntarily dismissing defendant Meridian Diversified Fund, Ltd., from the action. On February 15 and October 25, 2011, the defendants filed motions to dismiss the Consolidated Class Action Complaint.

On March 29, 2012, the Court issued an order granting the defendants' motions to dismiss, with leave to amend.

On January 7, 2013, the Court issued an Opinion granting in part and denying in part Defendant's motion to dismiss. On January 22, the Plaintiffs filed a Motion for Reconsideration of this Opinion. On April 16, the Court issued an Opinion denying Plaintiffs' Motion for Reconsideration of the January 17, 2013 Opinion.

On March 13, 2015, the Court issued an Order granting defendants' motion to dismiss.

On April 11, 2016, the parties entered into a Settlement Agreement. The Court preliminarily approved the Settlement the next day. On September 7, the Court entered a Final Judgment approving the Settlement and dismissed this case with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 09-CV-03955
JUDGE: Hon. Gerard E. Lynch
DATE FILED: 04/20/2009
CLASS PERIOD START: 01/02/2008
CLASS PERIOD END: 12/11/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 09-MD-02082
JUDGE: Hon. Gerard E. Lynch
DATE FILED: 12/10/2010
CLASS PERIOD START: 03/24/2004
CLASS PERIOD END: 12/11/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
No Document Title Filing Date