Third Avenue Management is a New York City-based asset manager that invests in publicly traded securities.

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.