Late Hedge Fund Manager’s Wife Sues Over Plane Crash

Jul 25 2008 | 12:58pm ET

The ex-wife of Michael Klein has sued the late hedge fund manager’s estate over their daughter’s death in a plane crash.

Klein was “in control of the aircraft” when it crashed in the Panamanian mountains two days before Christmas, according to the wrongful death suit filed on behalf of his daughter Talia by her mother, Kim Klein. Klein’s Santa Barbara, Calif.-based hedge fund firm, Pacificor, and Klein’s Panama resort, Islas Secas, where he, his daughter and her best friend, Francesca Lewis, were staying, were also named as defendants.

In the suit, filed last week in Santa Barbara Superior Court, Kim Klein says she has suffered due to her ex-husband’s “careless, negligent, wanton, reckless and unlawful acts.” She claimed economic and non-economic damages, including funeral and burial costs and property damage.

According to Kim Klein, Michael Klein undertook the flight despite “dangerous and severe” weather, “with rain, overcast conditions and fog at low altitudes covering the mountains, turbulence and vertical winds which were gusting up to 36 knots.” The suit alleges that Michael Klein “intentionally, recklessly, and in conscious disregard for the safety of others, flew, or directed the flight of the [plane] into said dangerous and perilous conditions, for business purposes.”

The flight to Volcan, north of Islas Secas, was designed to take photos of properties.

Kim Klein adds that the pilot, Edward Lasso, was allegedly known in Panama’s flying community as “Mr. Death” due to previous incidents. Lasso was also killed in the flight.

The family of Lewis, the only survivor of the crash, has also filed suit against Klein’s estate.


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.