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Citco Wins Dismissal of Fiduciary Breach Claims
- Client News
- April 14, 2016
Paul, Weiss client The Citco Group Limited and several affiliates achieved a victory when the New York Supreme Court granted their motions to dismiss claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, conspiracy to commit fraud and unjust enrichment in their entirety with prejudice. The plaintiffs, investment funds formerly run by Alphonse Fletcher, Jr., as well as an investor in those funds, alleged that Fletcher's fraudulent schemes that led to the funds' insolvency had been made possible by Citco through the administrative and banking services it provided to the funds. Justice Eileen Bransten found that the doctrine ofin pari delictobarred the funds' claims.
The Paul, Weiss team included litigation partner Andrew Gordon and counsel Robert Kravitz.