Investors File $20 Million Securities Fraud Class Action

Chicago, IL — September 17, 2024 — A group of defrauded investors have filed a $20 million securities fraud class action lawsuit against Michael Griffin, a Chicago-based fund manager and HASelect-Medical Receivable Litigation Finance Fund International SP a Cayman Islands fund with its principal place of business in LaGrange, Illinois. The lawsuit alleges that Griffin engaged in a series of material misrepresentations, concealing critical information about the fund’s viability and causing significant financial harm to his investors.

Griffin, who managed the now-bankrupt fund, is accused of failing to disclose a damning audit report that revealed the true, disastrous state of the investment. Despite knowing the fund was not viable, Griffin continued to assure investors of its potential for success, leading them to suffer near total losses when the company eventually went bankrupt.

Concealment and Misrepresentation

The lawsuit claims that Griffin intentionally withheld the audit report, which warned that the investment was not financially viable. Even after the company filed for bankruptcy, Griffin allegedly continued to provide misleading information to investors about the fund’s financial outlook.

Investor Losses and Legal Action

The small group of investors involved in the suit collectively suffered a near total loss, prompting them to seek justice through this class action seeking rescission of their investments pursuant to the Illinois Securities Law. They hope to hold Griffin accountable for his alleged misconduct and recover some of their lost investments.

For more information about this class action or to request interviews with key stakeholders, please contact jess@loftusandeisenberg.com. 

Contact: Loftus & Eisenberg, LTD 
Email: jess@loftusandeisenberg.com 

This press release focuses on a securities class action that was filed in the Cook County, Chancery Division on September 16, 2024.