In 2013, they filed suit in Louisiana against Fletcher, Citco and others, alleging that the Citco defendants knew, and failed to disclose, material information about their investment prior to and during their investment. Following the financial crisis, Fletcher’s fund collapsed and the plaintiffs were unable to redeem their investment. Citco, the world’s largest hedge fund administrator, had provided administrative services to the fund. The litigation stems from the plaintiffs’ $100 million investment in 2008 in a hedge fund managed by Alphonse “Buddy” Fletcher Jr. In a unanimous decision, a panel of the Fifth Circuit affirmed the district court’s ruling granting summary judgment to Citco.
Family Office & High-Net-Worth IndividualsĮnding eight years of litigation against The Citco Group Limited and several affiliates, Paul, Weiss won an appeal affirming the dismissal of all claims against Citco in a dispute with three Louisiana public pension funds.
