Thursday, 29 January 2015
Last updated 1 hour ago
Dec 30 2009 | 11:26am ET
A father-and-son team of former hedge fund owners have again been ordered to pay allegedly promised bonuses to a former hedge fund manager in their employ.
The Minnesota Court of Appeals sided with Paul Bottum, a former fund manager at defunct hedge fund Jundt Associates. Bottum sued the hedge fund and its owners, former Minnesota Vikings co-owner James Jundt and his son, Marcus, for failing to pay bonuses they guaranteed: $1 million for each year he beat the Standard & Poor’s 500 Index.
Bottum did so twice, but only received partial payment, he claimed.
After an earlier court defeat, the Jundts paid Bottum $1 million of the $1.8 million he demanded. Now, the appeals court has ordered the Jundts to cough up the remaining $825,000. The Jundts had argued that the statute of limitations had passed, as that money was from Bottum’s 2000 bonus.
The judge rejected Bottum’s claim for more than $125,000 in sanctions against the Jundts and JAI. But his lawyer did not sound especially disappointed.
“While we continue to believe the Jundts engaged in sanctionable conduct, we understand the court’s decision and hope this will be the last chapter in this matter,” Andrew Parker told the Minneapolis Star-Tribune.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…