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Komfie Manalo, Opalesque Asia: Commodity hedge fund Tillage Commodities Fund has sued fund administrator SS&C Technologies over its alleged incompetence, gross negligence, collusion or a good faith mistake that allowed Chinese hackers to steal almost $6m from its account.
Tillage said that the crime, committed through fake emails sent by the hackers to company staffers in order to trick them into releasing client money, was so amateurish that the $6bn Wall Street technology firm could had easily detected, reported FinOps.
Now the commodities fund manager is suing SS&C Technologies as its fund administrator in a New York court and is seeking more than $10m in damages for allegedly repeatedly ignoring its own protocol and deceiving clients into believing that it has adequate technology to prevent any cybersecurity breach.
Since the theft, Tillage fund, which started operations in 2012, has ceased operations.
But executives at SS&C Technologies called Tillage’s claims as sensational and said that the lawsuit is without merit. SS&C, the parent company of SS&C GlobeOp which performs fund administration services, also pledged to fight the lawsuit in court.
In a statement, Anthony Cerroni, global head of investor services for SS&C GlobeOp said that he looks forward to responding to Tillage’s "unfounded and misleading" allegations in court. He described the even...................... To view our full article Click here
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