Anwar et al v. Fairfield Greenwich Limited et al

Filing 1405

ENDORSED LETTER addressed to Judge Victor Marrero from Jeffrey Sonn dated 8/20/2015 re: We write on behalf of the Saca Plaintiffs. This is in response to the Court's Decision and Order (Dkt. 1403) In which the Court framed the following issue as further set forth in this letter. ENDORSEMENT: The Clerk of Court is directed to enter into the public record of this action the letter above submitted to the Court by the Saca plaintiffs. (Signed by Judge Victor Marrero on 8/28/2015) (lmb)

08/20/2015 17 28 FAX

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8547631866

002/002

Sonn & Brez, PLC
ATIORNEYS & COUNSELORS

Southeast Financial Center
200 South Bi•cayne Blvd., Suite 4330
Miami, FL 33131

Telephone: (954) 763 • 4700
Telephone: (305) 428 - 8530
Fac1imile: (954) 763 -1866

August20,2015
BY FACSIMILE TRANSMISSION
Honorable Victor Marrero
United States District Judge.
500 Pearl Street - Moynihan U.S. Courthouse
New York, New York 10007-1312
Re: No. 09-cv-118 (VM) - Standard Chartered Cases
Dear Judge Marrero:
We write on behalf of the Saca Plaintlffs. This is In response to the Court's Decision and Order (Dkt. 1403) In which the
Court framed the following issue:
The Court recognizes that a duty to disclose investment risk may be predicated on allegations of false conduct If
those allegations necessarlly concern the valuation of the Madoff feeder funds and the risk therein of investing
in those funds. Therefore, the Standard Chartered Plaintiffs ate ordered to show cause, in response to the
Standard Chartered Defendants 1 instant motion, as to why allegations predicated on the failure to disclose
investment risk should not be precluded by SLUSA. The Court'notes, however, that even if it were to dismiss
such allegations as regards Saca, all of the Standard Chartered Plalntiffs would have surviving Due Diligence
Claims based on duties independent of any duty to disclose irivestment risk.
Dkt 1403, Page 10.
In response, the Saca Plaintiffs agree with and rely on the Court's des¢ription of claims permitted under SLUSA. The Saca
Plaintiffs will pursue no claims that are "predicated on allegations of either complicity in the Madoff fraud or any other
conduct by the Standard Chartered Defendants involving falsity as an ~lement." Dkt 1403, at 9. Like the other SC
Plaintiffs, they acknowledge that "allegations predicated on the failure to disclose investment risk," id., at 10, as the
Court used that term in order denying the motion for reconsideration, are precluded. Nevertheless, the Saca Plaintiffs
agree that "even if [the Court] were to dismiss such allegations as regards Saca, all of the Standard Chartered Plaintiffs
would have surviving Due Diligence Claims based on duties independent of any duty to disclose investment risk." Id.
I further inform the Court that this letter has been reviewed by Richard E. Brodsky, Esq., Liaison Counsel for the SC
Plaintiffs, who agrees with this letter.
Sincerely,
The Clerk of Court is directed to enter into the public record
oftbis action the letter above submitt
o the Court by

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Jeffrey Sonn, Esq.
Sonn & Erez PLC
Counsel for Saca
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