On July 14, 2009, the Second Circuit Court of Appeals issued an important decision in South Cherry Street, LLC v. Hennessee Group LLC, 2009 U.S. App. LEXIS 15467 (2d Cir. 2009), that may have broad impact for investment advisors and feeder funds involved in litigation related to Madoff or other Ponzi schemes, failed hedge funds, and the like.
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