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Second Circuit applies SLUSA to preclude class claims by investors in Madoff “feeder funds”

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Davies Andrew Rhys
Andrew Rhys Davies

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New York

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Laura R. Hall

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New York

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25 September 2013

On September 16, 2013, the United States Court of Appeals for the Second Circuit issued its decision in In re Herald, affirming the dismissal of common law class action claims pressed by investors in so-called Madoff feeder funds against banks where Madoff’s firm held accounts (JPMorgan Chase & Co. and Bank of New York Mellon) as precluded by the Securities Litigation Uniform Standards Act ("SLUSA").