Ropes & Gray Litigation Team Wins Ninth Circuit Affirmance of District Court’s Dismissal in Favor of Private Fund Adviser

In The News
December 21, 2023

A Ropes & Gray litigation team won a recent Ninth Circuit ruling that affirms the team’s 2022 victory on behalf of Semper Capital Management and affiliated defendants. The plaintiff-investor alleged that there were false and misleading statements in the offering documents for the Semper Midas Fund, Ltd., a private fund invested in mortgage-backed securities. The district court dismissed plaintiff’s amended complaint in 2022. Plaintiff appealed to the U.S. Court of Appeals for the Ninth Circuit, which heard oral argument on December 11. Today, the Ninth Circuit affirmed the district court’s opinion, finding that “None of the challenged statements are plausibly alleged to be false or misleading.” On appeal, the Ropes & Gray team was led by litigation and enforcement partners Jeremiah Williams, Greg Demers, and Anne Johnson Palmer, and included litigation and enforcement associate India Mazzarelli. Litigation paralegal specialist Matthew Haut provided valuable assistance.