First major Keydata lawsuit filed against US brokerage

The first significant lawsuit from the Keydata scandal has been issued against US-based brokerage CRT Capital, according to the Financial Times.

The report said the Connecticut-based outfit is accused of playing a “pivotal role in a major international fraud”. The liquidator of SLS Capital, the vehicle that issued Keydata bonds, has sued CRT and two of its executives for more than $100m, documents filed in a New York district court state. The report explained CRT was financial adviser to SLS and owned about 50% of its shares at one point. It stands accused of fraud, misrepresentation, negligence, breaching its fiduciary duty and unjust enrichment, the FT said. Misappropriated funds Keydata was shut down by UK regula...