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New York News
Thu May 31, 2012
NY Top Court to Weigh Claim from Investment Loss
New York's top court will consider reinstating the lawsuit filed by French investors who lost $43 million out of $50 million they put in two structured investment vehicles. The investors claim Barclays Bank, Standard & Poor's and two management companies were all complicit in leaving investors holding plummeting securities shortly before the Wall Street collapse. WAMC’s Dave Lucas reports.
Oddo Asset Management claims collateral managers Avendis Financial Services and Solent Capital conspired with Barclays in early 2007 to transfer subprime mortgage-backed securities from Barclays to the vehicles.
Oddo claims S&P was complicit by confirming inflated note ratings.
A judge dismissed the suit, concluding the collateral managers had no fiduciary duty to Oddo, so Barclays and S&P could not be liable for abetting any breach.
Arguments were scheduled for Wednesday afternoon.
Dave Lucas, WAMC News.
Copyright 2012 The Associated Press. All Rights Reserved.