Case Page

 

Case Status:    DISMISSED    
On or around 09/27/2010 (Court's order of dismissal)

Filing Date: June 05, 2009

According to the complaint filed June 5, 2009, the Defendants grossly in a reckless fashion and in violation of their fiduciary duties to Plaintiff turned over a significant portion of Plaintiff s investment in the Collins Capital Fund to BMIS through the Feeder Fund. The Defendants performed woefully inadequate due diligence and monitoring of its investments in the Feeder Fund and woefully inadequate due diligence of BMIS. Such due diligence did not conform to the representations and criteria delineated in the Explanatory Memo. As a result of these failures, and in accordance with the scandal widely reported in the press, these monies have been lost to, or stolen by, the Madoff Ponzi scheme. Defendants' gross recklessness threatens a significant portion of Plaintiff s investments in the Collins Capital Fund. Defendants were aware of, or grossly reckless in, not knowing or recognizing
several significant "red flags" with respect to Madoffs Ponzi scheme.

On July 30, 2009, the defendants filed motions to dismiss the initial class action complaint. On August 24, 2009, Judge Kenneth A. Marra granted the plaintiff's Motion to for Extension of Time to Amend Original Complaint and also denied as moot the defendants motions to dismiss. On September 23, 2009, the plaintiff filed an Amended Class Action Complaint. The defendants responded by filing a motion to dismiss on October 30, 2009. On July 26, 2010, Judge Kenneth A. Marra granted in part and denied in part the defendants' motion to dismiss. Plaintiff shall filed a Second Amended Complaint within 20 days of the date of entry of this
Order.

On September 27, 2010, the Court entered the Order dismissing the case with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial 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. Florida
DOCKET #: 09-CV-80846
JUDGE: Hon. Kenneth A. Marra
DATE FILED: 06/05/2009
CLASS PERIOD START: 06/01/2007
CLASS PERIOD END: 12/11/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 09-CV-80846
JUDGE: Hon. Kenneth A. Marra
DATE FILED: 09/23/2009
CLASS PERIOD START: 06/01/2007
CLASS PERIOD END: 12/11/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date