Thu, Jul 24, 2014
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Opalesque Industry Updates: Amaranth LLC and Amaranth Advisors L.L.C. reported that they have withdrawn the summons and notice they filed on September 18, 2009 asserting claims against Touradji Capital Management, LP, Touradji Global Resources Master Fund, Ltd.,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Accordingly, Amaranth has withdrawn its summons and notice and elected not to serve a complaint against Touradji Capital.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. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  3. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  4. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  5. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag