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.