Court Finds Martin Act Does Not Preempt Non-Fraud Tort Claims

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Plaintiffs brought claim in New York federal court for common law fraud, negligent misrepresentation, and breach of fiduciary duty against Defendant ThinkStrategy Capital Management, LLC (“ThinkStrategy”), a “fund of funds” in which plaintiffs invested. Plaintiffs alleged that ThinkStrategy had represented that it would conduct adequate due diligence on its managers, but failed to do so when it placed assets with a manager that was later found to be engaged in fraud. ThinkStrategy moved for summary judgment on all of Schwarz’s claims.

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