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June 12, 1996|Times Staff and Wire Reports

Judge Refuses to Dismiss Suit Against Polaris Funds: The class-action lawsuit filed by investors who lost hundreds of millions of dollars in Polaris Aircraft Income Funds, a series of limited partnerships sponsored by a unit of General Electric Co., was allowed to proceed by a federal judge in New York. The suit had been brought against the aircraft-leasing partnerships, which were sold to investors through Prudential Securities Inc. and other brokerages from 1985 to 1990. The judge rejected the Polaris funds' contention that they weren't liable for investor losses because fund prospectuses "bespoke caution" by warning about investment risks. More than 100,000 people invested more than $1.1 billion in the funds, the investors' attorney Joel Bernstein said.

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