Case Page

 

Case Status:    SETTLED
On or around 07/26/2017 (Other)

Filing Date: January 27, 2016

According to the law firm press release, the lawsuit alleges the Third Avenue Focused Credit Fund promised investors that it would place no more than 15% of its assets in illiquid securities, securities that could not be sold promptly at or near its carrying value. An analysis of the Fund's holdings in 2013, 2014, and 2015 has revealed that the Fund consistently held more than 15% of its net assets in illiquid securities. The Fund's excessive illiquidity meant that it could not promptly sell assets to meet growing redemptions without unloading them at fire sale prices, leading it to suspend redemptions and shut down the Fund on December 10, 2015.

This case was transferred to the Southern District of New York on April 13.

On May 13, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated complaint on July 12.

On March 31, 2017, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on April 6, 2017. On July 12, 2017, the Court granted final approval of the Settlement and dismissed this case with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TFCIX
Company Market: NASDAQ
Market Status: Public (Listed)

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 #: 16-CV-00602
JUDGE: Hon. Michael W. Fitzgerald
DATE FILED: 01/27/2016
CLASS PERIOD START: 03/01/2013
CLASS PERIOD END: 12/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Sparer Law Group
    100 Pine Street, 33rd Floor, Sparer Law Group, CA 94111
    415.217.7300 415.217.7307 · info@sparerlaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 16-CV-02758
JUDGE: Hon. Michael W. Fitzgerald
DATE FILED: 07/12/2016
CLASS PERIOD START: 03/01/2013
CLASS PERIOD END: 12/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Sachs Waldman P.C.
    1423 East Twelve Mile Road, Sachs Waldman P.C., MI 48071
    248.658.0800 313.965.4315 ·
No Document Title Filing Date