February 21, 2018 / 10:06 PM / in a year

Second investor files lawsuit over U.S. LJM fund: court filing

(Reuters) - A second investor on Wednesday filed a lawsuit against managers of a U.S. mutual fund that lost most of its value earlier this month during a bout of market turmoil.

In a complaint seeking class-action status filed in U.S. District Court in Chicago, investor Stanley Bennett said LJM Funds Management Ltd’s Preservation and Growth Fund “left investors exposed to an unacceptably high risk of catastrophic losses.” The filing follows a lawsuit filed earlier in February against managers of the once-$800 million fund.

A phone call to LJM’s offices was not answered.

Reporting by Trevor Hunnicutt; Editing by Phil Berlowitz

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