A Manhattan federal judge has certified a class to sue an investment management firm accused of misleading the investing public with trumped-up performance data for its trading strategy.
The defendant, Virtus Investment Partners, agreed in 2015 to pay a $16.5 million settlement to the U.S. Securities and Exchange Commission to settle allegations that investors were misled about the performance of AlphaSector, a product offered by F-Squared Investments that uses an algorithm to signal when to buy or sell a nine-industry, exchange-traded fund.
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