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David B. Newman v. Family Management Corporation et al.

Lax & Neville LLP, successfully defended FM Low Volatility Fund, a general partnership, in a securities class action law suit. A group of investors sought to hold FM Low Volatility Fund liable for investments made to feeder funds that in turn invested with Bernard L. Madoff Securities LLC. The Honorable Judge Sands of the U.S. District Court for the Southern District of New York issued the decision on October 20, 2010, dismissing the second amended class action complaint in its entirety. Judge Sands ruled that FM Low Volatility Fund, Family Management Corporation, and its top executives did not willfully ignore “red flags” in order to obtain investment fees. Newman et al., v Family Management Corp. et al, 1:08-cv-11215.

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