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Hedge Fund Biden

Hedge Fund Biden

Hedge Fund Suit Against VP Biden's Son and Brothe


A Manhattan state Supreme Court Justice has thrown out a lawsuit against two of Vice President Joseph R. Biden's family members.  The case surrounds the VP's son Hunter Biden and brother James Biden, specifically their purchase of a hedge fund in 2006, which left one investor angry enough to sue the Bidens.  Justice Bernard J. Fried threw out the suit because the plaintiff Stephane Farouze failed to make an adequate case "with any meaningful degree of particularity."
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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Tags: hedge funds, hunter biden, vice president joe biden, hedge funds and Bidens, James Biden, hedge fund management, hedge funds and vp, investors biden

Link to This Resource: Hedge Fund Biden

http://richard-wilson.blogspot.com/2009/10/hedge-fund-biden.html
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