Successfully defended a registered investment advisor in an action in the US District Court for the District of Connecticut initiated by trustees of a union fund over losses stemming from investments related to the sub-prime mortgage crisis. Plaintiffs asserted claims for breach of fiduciary duty under ERISA, breach of contract, and negligent misrepresentation based on allegations that our client had failed to monitor the investments exposed to mortgage-backed securities. All claims were resolved under a confidential settlement agreement for a small fraction of the claimed damages and for less than defense costs.
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