Fund Managers Sued for Euro Gaming InvestmentsInvestment Fund Shareholders Sue Fund Managers For Investing in Online Gaming Companies |
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Two shareholders of investment funds which included in their portfolios shares in European gaming companies have brought a class-action lawsuit against the fund management company in a Delaware court according to Reuters.
Florida resident Marylynn Hartsel and South Carolina resident Deanna Parker allege that the Vanguard Group and its trustees should have been aware they were violating U.S. criminal laws by investing in Sportingbet, PartyGaming, bwin Interactive Entertainment, and NETeller prior to the Unlawful Internet Gambling Enforcement Act being introduced in 2006.
The plaintiffs claim that prior to the 2006 law being passed, the fund managers should have heeded warning signs about the uncertainty of the investments including notices by both PartyGaming and NETeller that their activities were deemed illegal in some jurisdictions.
The suit says the funds’ investments were wiped out after the UIGEA was introduced.
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