Mayer Brown Facing £74M Lawsuit After Investment 'Fraud'

Law360, London (January 31, 2019, 1:05 PM GMT) -- Mayer Brown International LLP is being sued for nearly £74 million ($97 million) at London’s High Court over allegations that it failed to shield thousands of U.K.-based investors from a “wide-scale fraud" carried out by their investment managers.

Deputy Master William Henderson has set a deadline of Feb 6. for the law firm to file its defense against allegations made on behalf of two mutual funds based in the Cayman Islands, which are now defunct, according to a court order dated Jan. 22.

The Axiom Funds, which were clients of Mayer Brown, suffered losses through fraud of approximately £108 million between...

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