As we previously reported, investors in the LJM Preservation and Growth Fund (the “LJM Fund”) (LJMAX, LJMCX, LJMIX) sustained considerable losses in early February 2018, due to the LJM Fund’s risky underlying strategy premised on capturing income from options in a low-volatility market. Following the LJM Fund’s two-day decline of approximately 80% in trading on February 5th and 6th, one Morningstar analyst stated: “It may be the biggest two-day drop for a mutual fund ever.”
According to public documents, a class action case brought in the U.S. District Court for the Northern District of Illinois and a related case brought in Illinois state court in Cook County have settled, with investors required to submit a proof of claim by December 11, 2019 in the federal action and by April 30, 2020 in the state action. However, the class action case settlement reportedly resolves claims against only certain parties defined as the “Settling Defendants”, including Two Roads Shared Trust, Northern Lights Distributors, LLC, NorthStar Financial Services Group, LLC, and Mark D. Gersten, Mark Garbin, Neil M. Kaufman, Anita K. Krug, Andrew B. Rogers, and James Colantino. The class notice in the federal class action is accessible here. LJM Class Notice Federal
Please note that Law Office of Christopher J. Gray, P.C. is NOT representing the Plaintiffs in the class action cases referenced above and is referring to the class action cases only to inform investors that they may potentially have rights of recovery against non-parties to the class actions. This article is not an official notice and is intended as attorney advertising.