Fri, Sep 30, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Amaranth and Touradji Capital Management LLC settle legal case and issue joint statement

Monday, November 16, 2009
Opalesque Industry Updates: Amaranth LLC and Amaranth Advisors L.L.C. reported that they have withdrawn the summons and notice they filed on September 18, 2009 asserting claims against Touradji Capital Management, LP, Touradji Global Resources Master Fund, Ltd., Paul Touradji and certain other employees ("Touradji Capital"). Neither of the parties made a payment of any kind in connection with the withdrawal of the notice and summons.

Amaranth's claims had been based upon agreements signed in September 2006, the purpose of which was to protect Amaranth's confidential and proprietary trade secrets and to transfer Amaranth's base metals portfolio to Touradji Capital. Touradji Capital denied Amaranth's allegations and asserted that its conduct in assuming the risk of Amaranth's base metal portfolio was professional and lawful.

Amaranth's notice protected the interests of Amaranth in connection with what it had been told were serious claims against Touradji Capital. However, since filing the summons and notice, and consistent with their role as fiduciaries, the Amaranth parties have continued their investigation of the claims and of the transaction. Since then, Amaranth has received and evaluated additional information regarding the transaction, including trading records and other information voluntarily provided by Touradji Capital, that is consistent with Touradji Capital's position that it did not violate the agreement with Amaranth and did not misuse Amaranth's proprietary information.

Accordingly, Amaranth has withdrawn its summons and notice and elected not to serve a complaint against Touradji Capital. Both parties jointly issue this statement to announce the withdrawal of the claims...Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  2. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  3. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  4. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style

  5. Eden Rock buys Gottex stake in ERG Asset Management[more]

    Matthias Knab, Opalesque: Eden Rock Group announced the purchase of Gottex’s stake in ERG Asset Management and so the firm is now wholly owned by Eden Rock. The two firms established the joint venture in 2011 to focus on providing cost effective solutions to funds holding illiquid investments, as