Investor Claims.  The Second Circuit has held that an investor may assert a claim against a portfolio manager even though the investor was not a party to the contract spelling out the manager's duties.  The Court held that the relationship between the investor and the manager was sufficiently close to impose a duty on the manager, allowing the investor to sue for gross negligence.

The decision in Bayereische Landesban v. Aladin Capital Mangement can be found here.