NY Boutique hits with $4 million lawsuit over late security filing

By Marco Poggio (March 23, 2022, 1:57 p.m. EDT) – An Arizona-based hedge fund has accused New York firm Sadis & Goldberg LLP of not filing a collateral lien form quickly enough, resulting in a loss investments of nearly $4 million, according to a lawsuit filed Monday in the New York Supreme Court.

Prism Alt Income Fund LLC said Sadis & Goldberg, a boutique investment fund with an entrance on Fifth Avenue, failed to file a “crucial” financial statement that would have guaranteed the hedge fund’s right to recover guarantees with two litigation finance companies in which he has invested, in the event of bankruptcy.

When the two companies, Cash4Cases Inc. and Liberty Bridge…

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