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ICP Fair Fund

Administered by RCB Fund Services LLC

Welcome to the ICP Fair Fund Website

SEC v. ICP Asset Management, LLC, et al., 10-CV-04791 (S.D.N.Y.)

In June, 2010, the United States Securities and Exchange Commission (“SEC”) filed a complaint in the U.S. District Court for the Southern District of New York (the “Court”) against ICP Asset Management LLC; ICP Securities, LLC; Institutional Credit Partners, LLC; and Thomas C. Priore (collectively “ICP” or the “Defendants”) alleging repeated violations of federal securities laws by, among other things, engaging in a range of improper transactions that defrauded the collateralized debt obligation (“CDO”) known as the Triaxx CDOs: Triaxx Prime CDO 2006-1, Ltd.; Triaxx Prime CDO 2006-2, Ltd.; Triaxx Prime CDO 2007-1, Ltd.; and Triaxx Funding High Grade I, Ltd.  In 2012, the Defendants consented to the entry of a Final Judgment that required the Defendants to pay disgorgement, civil penalties, and prejudgment interest.

The ICP Fair Fund (the “ICP Fair Fund”) was established by Court Order entered February 10, 2017 to distribute the collected disgorgement, prejudgment interest, and civil penalties to investors harmed by the misconduct.  The ICP Fair Fund currently holds over $22 million.  In August, 2020, the Court appointed RCB Fund Services, LLC as the Distribution Agent for the ICP Fair Fund.

The Distribution Agent is currently providing notice to investor participants in the Triaxx CDOs of the ICP Fair Fund and soliciting from those investor participants information regarding economic losses they may have suffered as a result of their investment in the Triaxx CDOs.  If you do not receive a Fair Fund Notice, you may obtain a copy of the notice and claim form here.  Upon receipt and review of all claim submissions, the Distribution Agent, in consultation with the SEC and the economic expert retained by the SEC, intends to propose to the Court a plan to distribute the ICP Fair Fund to harmed investor participants.

If you purchased an interest in the Triaxx CDOs, you may be eligible for compensation from the ICP Fair Fund.

 

Questions regarding eligibility?

Please visit the FAQs for answers to the most commonly asked questions.

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