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B. G., Opalesque Geneva:

Billionaire hedge funder Chris Rokos and Deloitte have ended their legal battle and agreed on a settlement on undisclosed terms, reported the Financial Times.

Rokos founded Rokos Capital Management LLP, a London-headquartered macro hedge fund in 2015. The firm manages about $15.5bn. Before that, Rokos was a co-founder of hedge fund Brevan Howard, where he made $4bn for the firm's investors from 2003 to 2012. He also worked at Goldman Sachs and Credit Suisse First Boston.

In November 2020, Chris Rokos sued Big Four firm Deloitte and global law firm McDermott, Will & Emery in London's High Court for $72m over wrong tax advice. He alleged that Deloitte's advice on an investment in a Tyneside enterprise zone had breached its duties.

In his claim, Rokos said he was led to believe that the enterprise zone investment 14 years ago would have reduced his tax liabilities, but was then stung by an HMRC 'accelerated payment notice' while the project itself failed commercially, reported Financial News. UK authorities threw out the GBP39.4m ($52m) tax relief in 2016.

He was given permission in November 2021 to plead that he could have unwound a $100m property ......................

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