Hedge Fund Movie's Director Beats Ex-Partner In Court

Aug 23 2011 | 11:52am ET

The writer and director of next year's would-be hit hedge fund movie Arbitrage is already a winner—in the courtroom.

Nicholas Jarecki has won a declaratory judgment against his former partner, producer Michael Ohoven, declaring him the sole screenwriter of the movie, which features Richard Gere and Susan Sarandon. A Los Angeles state court judge last week both dismissed most of Ohoven's countersuit against Jarecki and awarded Jarecki his sought-after declaratory judgement.

Jarecki still faces a breach of contract claim, but plans to argue it is preempted by federal copyright law. He also plans to file a motion seeking to force Ohoven to pay his legal bills.

The former partners split over a disagreement about where to film Arbitrage—it was made in New York. While the two sides had discussed a variety of terms prior to their falling out, nothing had been signed.

Arbitrage is about a hedge fund manager desperate to sell his firm to a major bank before his fraud can be uncovered. But things go wrong in “unexpected, bloody” ways, forcing Gere's character to seek help from an unlikely source.

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