Wednesday, 1 July 2015
Last updated 5 hours ago
Aug 5 2011 | 12:29pm ET
A hedge fund manager's law firm isn't responsible for the bad decisions he made that led to a $20 million judgment against him in favor of his former employer.
A New York State appeals court in Manhattan rejected Russel Bernard's claim that Proskauer Rose gave him bad advice during his departure from Oaktree Capital Management that ended in a $20 million arbitration award against him. Bernard's lawsuit against the law firm was dismissed by a lower court last year.
Bernard's problems, according to the arbitrator, were entirely of his own making. It ruled that Bernard's misappropriation of real-estate opportunities he worked on at Oaktree for his own planned firm constituted "gross negligence" and "willful misconduct" that he failed to tell Proskauer about.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…