Sadis Defeats Motions to Dismiss Key Claims in Premium Point Lawsuit

An attorney for SkyBridge, Samuel Lieberman (Partner), argued U.S. Bank had accepted a heightened duty in its role as fund administrator to independently verify that a strict valuation policy was being adhered to at Premium Point. U.S. Bank agreed to these terms in order to reap fees from SkyBridge, which would become Premium Point’s largest investor with a $365 million stake.

“They wanted to lure us in so they gave us these false representations,” Lieberman said.

New York Supreme Court Justice Andrew Borrok held that Skybridge had sufficiently alleged claims against U.S. Bank for fraud, fraudulent misrepresentation and aiding and abetting fraud.

Judge Borrok on Tuesday also refused to dismiss SkyBridge’s claims against bond dealer Auriga USA LLC, whose former broker Frank A. Dinucci Jr. copped to fraud charges for providing sham broker quotes while at Auriga. The judge cited Dinucci’s testimony in the criminal action that he marked up price quotes on behalf of Auriga.

SkyBridge is represented by Samuel J. Lieberman (Partner), Douglas R. Hirsch (Partner), James Ancone (Counsel) and Michelle Malone (Associate) of Sadis & Goldberg LLP.