A federal judge has sanctioned 13 plaintiffs suing two collapsed hedge funds for negligence and gross negligence for their failure to preserve electronic files in discovery.
Saying “most plaintiffs conducted discovery in an ignorant and indifferent fashion,” Southern District Judge Shira A. Scheindlin will assess monetary sanctions against all 13 plaintiffs and give an adverse jury instruction for six of the worst offenders in The Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities LLC, 05 Civ. 9016.
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