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Private Fund Disputes

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Rankings & Honors

  • Ranked as National Tier One in U.S. News/Best Lawyers “Best Law Firms” in Real Estate Law and Commercial Litigation. Received metropolitan honors in Real Estate Law and Commercial Litigation in Boston and Rochester and Construction Litigation in San Francisco.
  • BTI Litigation Outlook 2013
    • “Most Feared Law Firm”—Honor Roll
    • Strong Performance—Commercial Litigation, IP Litigation, Product Liability Litigation
  • Chambers USA/Global
  • Legal 500
  • Benchmark: Litigation/Appellate
 

PRIVATE FUND DISPUTES

We use our vast and deep understanding of the private funds industry to solve disputes unique to alternative investments and guide our clients away from developing disputes.

Our approach

The private fund industry is confronting greater litigation risk than ever.

In the mid-1990s, long before the credit crisis and the subsequent turmoil, we developed a cutting-edge practice in this area, representing sponsors of private investment funds, including tax credit partnerships and venture capital funds.

Today, we use our experience and judgment to solve complex disputes affecting a variety of private investment funds, including hedge, private equity and venture funds, collateralized debt obligations (CDO), asset-backed securities (ABS) and real estate investment partnerships.

We understand the duties and obligations of funds and managers, so we can assist with any challenge, from day-to-day obligations to control contests, winding down and liquidation.

Our team is among the industry’s finest in handling fraud-based redemption and clawback disputes and related insolvency proceedings. We provide advice and representation in criminal and civil investigations ranging from insider trading to record retention compliance.

We represent clients in both U.S. domestic funds and in funds domiciled offshore in the Cayman Islands, British Virgin Islands (B.V.I.) and in Europe.

Who we work with

  • Hedge Funds
  • Hedge Fund Managers
  • Private Equity Funds
  • Private Equity Funds Managers
  • Investors
  • Liquidators
  • Insolvent Estates

Representative Experience

  • Representing Mount Capital Fund Limited, a British Virgin Island-based hedge fund, in a $50 million preference and claw back action brought by the Madoff trustee.

    Representing Mount Capital Fund Limited, a British Virgin Island-based hedge fund, in a $50 million preference and clawback action brought by the Madoff trustee, in one of the first sales of Madoff-tied SIPA claims to a third party, and with litigation advice related to recovery of assets lost in Madoff-related funds.

  • Representing John Hancock in a suit brought by an LLC over lost assets from its multi-million dollar investment through variable life insurance policies in Tremont Group Holdings Inc. fund.
    Representing John Hancock in a suit brought by an LLC over lost assets from its multi-million dollar investment through variable life insurance policies in Tremont Group Holdings Inc. fund.
  • Representing ThreeAM SPC a Cayman Island-based hedge fund of funds in valuation/liquidation disputes with various PIPE funds.
    Representing ThreeAM SPC a Cayman Island-based hedge fund of funds in valuation/liquidation disputes with various PIPE funds.
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  • Representing Credit Suisse entities and executives as co-counsel in actions brought by the Massachusetts Mutual Life Insurance Company and the Federal Home Loan Bank of Boston

    Representing Credit Suisse entities and executives as co-counsel in actions brought by the Massachusetts Mutual Life Insurance Company and the Federal Home Loan Bank of Boston, who are seeking billions of dollars in rescission against issuers, sponsors, and underwriters of residential mortgage-backed securities.

  • Representing Boston Capital in numerous limited partnership disputes related to syndicated tax credit funds.
    Representing Boston Capital in numerous limited partnership disputes related to syndicated tax credit funds.

  • Representing Cayman Island and Delaware-based special purpose vehicles (SPVs) in putative securities class action alleging fraud under both New York law and Section 10(b) of the Securities Exchange Act of 1934.

    Representing Cayman Island and Delaware-based special purpose vehicles (SPVs) in putative securities class action alleging fraud under both New York law and Section 10(b) of the Securities Exchange Act of 1934. The claims arise out of losses that the lead plaintiff investment fund alleges were suffered in connection with two synthetic CDO transactions that offered investors exposure to the performance of subprime residential mortgage-backed securities through certain credit default swap.

  • Defended nine pairs of Cayman Island and Delaware-based issuer/co-issuer defendants in a $100 million securities fraud case involving the sale of Collateralized Debt Obligations (CDOs), resulting in a complete dismissal of the case.
    Defended nine pairs of Cayman Island and Delaware-based issuer/co-issuer defendants in a $100 million securities fraud case involving the sale of collateralized debt obligations (CDOs), resulting in a complete dismissal of the case.

Media Clips

  • Resolving Post-Acquisition Disputes
    Financier Worldwide | August 1, 2014
    Commercial Litigation co-leader and partner Jon Sablone provides commentary about how buyers and sellers can help avoid disuptes with each other or with another group of interested parties post-acquisitions.
  • Partly Cloudy with a Chance of Sanctions
    Internet Law & Strategy | August 1, 2013

    Boston partner and leader of the firm’s Private Fund Disputes team Jon Sablone coauthored this article focused on what lawyers need to keep in mind when dealing with the ethical issues around cloud computing.

  • Staying out of Court
    PE Manager | July 19, 2013

    Boston partner and leader of the firm’s Private Fund Disputes team Jon Sablone discusses some of the biggest litigation risks in private equity.

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  • Adding Insult to Injury: Investors in Madoff Feeder Funds Are Targets for Claw Back Suits
    Corporate LiveWire | October 1, 2011

    This contributed article, authored by Boston Commercial Litigation partners Tim Mungovan and Stephen LaRose and Boston Commercial Litigation associate Joel Cavanaugh, discusses “Sentry Claw Back Suits” relating to investors in Madoff feeder funds who redeemed capital prior to the disclosure of the fraud in December 2008 and now face increasing litigation risks.

Ideas

Picard powerless to block independent Madoff feeder fund settlements
Private Fund Disputes Alert | August 12, 2014

New blow to Picard's Madoff miracle
Private Fund Disputes Alert | July 8, 2014

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Can an investor "win" in its claim against a private fund manager, yet still "lose?"
Private Fund Disputes Alert | May 6, 2014

Rakoff deals new blow to Madoff trustee
Private Fund Disputes Alert | May 1, 2014

New York court rejects claims against fund manager of a Madoff feeder fund, highlighting exculpatory terms in private fund agreement
Private Fund Disputes Alert | April 11, 2014

New developments in recovery efforts for Madoff investors
Private Fund Disputes Alert | December 19, 2013

Private equity firms may be liable for unfunded pension obligations of portfolio companies
Private Fund Disputes Alert | August 27, 2013

"But I thought we were just negotiating"—Are the good faith provisions in a term sheet or letter of intent enforceable upon the parties?
Private Fund Disputes Alert | July 24, 2013

Whose claim is it anyway—the investment fund's or the investor's?
Askenazy et al., v. KPMG LLP et al., No 12-P-863, Mass. App. Ct., May 23, 2013

Private Fund Disputes Alert | May 31, 2013

Second Circuit holds that the relevant period for determining a foreign debtor's COMI is the filing of the Chapter 15 petition
Bankruptcy Law Alert | May 15, 2013

Second Circuit holds that Madoff feeder fund's "center of main interests" is located in British Virgin Islands
Private Fund Disputes Alert | May 1, 2013

Recent BVI decisions offer guidance to investors and funds facing redemption disputes
Private Fund Disputes Alert | April 2, 2013

Webinar Recording: Adding Insult to Injury: Investors in Madoff Feeder Funds Are Still Targets for Litigation
November 7, 2011

Adding Insult to Injury: Investors in Madoff Feeder Funds Are Targets For Claw Back Suits
October 15, 2011

Madoff feeder fund suffers defeat in effort to claw back investor redemptions
Alternative Investment Litigation Alert | October 13, 2011

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Private Fund Disputes