A federal judge in Florida has handed down a double whammy to about 4,000 Latin American investors seeking to recover more of their $130 million in retirement funds from American banks and brokerage houses tied to a corrupt pension fund.
U.S. District Court Judge K. Michael Moore ruled on Dec. 7 that the statute of limitations ran out for investors in Coral Gables, Fla.-based Pension Fund of America from 1999 to 2005. He granted a motion to dismiss the class action lawsuit made on behalf of defendants Lehman Brothers, Merrill Lynch, Raymond James Financial Services, SunTrust Banks, HSBC Bank and Oliva Investment Group.
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