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Paul, Weiss Secures Summary Judgment Victory for SS&C Technologies
- Client News
- September 1, 2020
Paul Weiss obtained summary judgment for SS&C Technologies, a leading financial technology and services company, in a long-running case that alleged that SS&C was liable for a fraud perpetrated by the manager of a hedge fund for which SS&C served as fund administrator. The claims were brought in North Carolina state court by investors in a defunct hedge fund operated by Stephen Maiden, who pled guilty to securities fraud after operating his hedge fund as a Ponzi scheme.
In a 40-page opinion, the Court adopted nearly all of Paul, Weiss’s arguments and granted summary judgment on all remaining claims against SS&C. The Court found that none of plaintiffs’ claims could survive summary judgment because plaintiffs failed to develop any evidence that SS&C knew about, or participated in, Maiden’s fraud. As the Court explained, “none of [Plaintiffs’] evidence, singly or collectively, permits the conclusion that SS&C knowingly and willfully provided false information to Plaintiffs or knowingly and willfully participated in Maiden’s fraud.” The Court also rejected plaintiffs’ other arguments that SS&C, as fund administrator, had an obligation to verify the financial information supplied to it by Maiden or apply GAAP accounting.