Hedge Fund Biden
Hedge Fund Suit Against VP Biden's Son and Brothe
Mr. Farouze, now the global head of fund derivatives for Deutsche Bank, filed his $10 million suit against the Bidens and their former business associate Anthony Lotito Jr. in 2008.
Mr. Farouze, who is based in London, said they schemed to gain control of his interest in the hedge fund, Paradigm Companies, without buying him out. The Bidens’ camp said Mr. Farouze never really owned the roughly 31 percent share he offered to sell them.
The Bidens’ lawyer, Nicholas Gravante Jr., said they ”are grateful that they have been vindicated and that this case is now behind them.”
Mr. Lotito sued the Bidens separately over the Paradigm purchase. The two sides reached a settlement with confidential terms last December.
Mr. Lotito had claimed the Bidens negotiated their own deal to buy the hedge funds behind his back and cheated him out of money. The Bidens had said he misrepresented himself and denied any wrongdoing. Source
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