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US Federal Court dismisses case against Epsilon

Friday, December 24, 2010
Opalesque Industry Update - A U.S. Federal Court has dismissed a civil lawsuit pending  in Seattle against Epsilon Global Active Value Fund II, Ltd.  The case was terminated after  the federal court determined that there was no remaining cause of action. 

  The decision, issued on December 6, 2010 by Judge Richard A. Jones of the U.S. District  Court for the Western District of Washington in Seattle, brings to an end all aspects of a  lawsuit against four Epsilon entities as well as fund manager Steve G. Stevanovich filed  in March, 2010 by the Seattle City Employees Retirement Fund (SCERS).   The Court had  previously dismissed three of the four Epsilon companies and Mr. Stevanovich from the  action.    

  In its original complaint, SCERS sought to compel Epsilon and Mr. Stevanovich to provide  certain audited financial information.  Epsilon responded that it could not meet the  demand until its auditors completed an ongoing audit, although Epsilon did provide  SCERS with documents that the Court determined were a “reasonable equivalent.” 

  The other three Epsilon entities dismissed in the SCERS’ lawsuit were Epsilon Global  Master Fund II, L.P., Epsilon Investment Management LLC, Epsilon Global Asset  Management Ltd., which are part of the Epsilon and Westford family of funds managed  by Steve G. Stevanovich. 

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