$1 Billion Successful Lone Star Funds Securities Derivative Defense
Ball Janik LLP successfully defended Hudson Advisors, LLC and a group of Lone Star private equity investment funds from a $1 billion securities fraud claim brought by beneficiaries of the Oregon Public Employees Retirement Fund (OPERF). Plaintiffs sought to sue derivatively on behalf of OPERF to force rescission of a series of OPERF investments in various Lone Star funds. Plaintiffs also named as defendants Oregon’s Attorney General, the Oregon State Treasurer, the Oregon Public Employees Retirement System board members and directors, as well as the Oregon Investment Council. Ball Janik and counsel for several other defendants moved to dismiss the plaintiffs’ complaint for failure to state a claim. The trial court granted the motion in its entirety and dismissed plaintiffs’ complaint with prejudice. The plaintiffs did not appeal.
Ciaran P. A. Connelly