Tuesday, 7 July 2015
Last updated 19 hours ago
Dec 17 2007 | 7:26am ET
James Jundt refuses to give a former hedge fund manager in his employ what a court says he should. So the court has decided to take away his business.
A Minnesota judge turned over Jundt Associates, which manages investments for corporate pension plans, to a third-party after Jundt and his son, Marcus, failed to pay Paul Bottum the $2.3 million in unpaid bonuses and interest the court ruled it owed.
Bottum said he was promised a $1 million annual bonus for beating the Standard & Poor’s 500 Index while working at Jundt’s former hedge fund, Southway Partners. He did so twice, but said he only received $175,000.
In October, Jundt—the former owner of the National Football League’s Minnesota Vikings—said in a Securities and Exchange Commission filing that Jundt Associates managed almost $120 million. Jundt has also put his Lake Minnetonka mansion on the block for more than $50 million.
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…