Thursday, 23 October 2014
Last updated 7 sec ago
Feb 17 2012 | 3:20am ET
When it comes to court filings in the Thomas Petters Ponzi scheme case, the runaway winner would almost have to be Ritchie Capital Management.
The Chicago hedge fund was back at it last week, suing Petters' former law firm for having "materially aided" the $3.65 billion fraud. Ritchie's complaint alleges that Minneapolis-based Fredrikson & Byron "substantially assisted or encouraged" the actions by Petters and his deputies that rendered a $150 million loan to the fraudster "worthless."
Fredrikson said the suit "has no merit and will be dismissed because it does not describe a single fact that would support a claim that our law firm did anything wrong or had any knowledge whatsoever of the Petters fraud."
Ritchie's lawsuit also names Petters whistleblower Deanna Coleman, the former vice president of operations at his firm who pleaded guilty in the case and was sentenced to one year in prison.
Ritchie has previously sued two other former Petters executives and former Petters portfolio company Polaroid Corp. The hedge fund itself has been sued several times in the case, by the court-appointed receiver, Barclays Bank and Polaroid.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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