Cummings & Lockwood's Trial Group Wins Multi-Million Dollar Trial of Hedge Fund Partnership Dispute
C&L recently obtained trial damages of $5,783,028.00 in a derivative lawsuit brought by two investors on behalf of a hedge fund partnership. Over the course of two weeks, the case was tried to a judge sitting on the Complex Litigation Docket for the Superior Court for the State of Connecticut.
After the trial, the court ruled in favor of C&L’s clients. The partnership successfully claimed that the hedge fund’s investment advisor, general partner and the individual who controlled the corporate entities, converted and misappropriated millions of dollars from the fund for purported “losses”, “fees” and other internal fund expenses that the court ruled they were not entitled to take. The court further determined that this conduct was a breach of fiduciary duty.
A copy of this decision is available here. For further information concerning this matter, please contact attorneys John W. Cannavino or David T. Martin.