New Stream Settles Investor Lawsuit

Dec 7 2010 | 1:03am ET

New Stream Capital appears poised to put an end to the litigation sparked by its decision to freeze redemptions more than a year ago.

The Ridgefield, Conn.-based hedge fund said it had reached a deal with its Bermuda share class clients to settle their lawsuit for $127.5 million. The agreement provides for an orderly wind-down of the fund and an eventual Chapter 11 bankruptcy filing.

New Stream said it had sold its life insurance settlement and premium finance loan portfolio to an unidentified buyer.

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