Ex-New Star Manager Sued Over Web Comments

Sep 15 2008 | 8:47am ET

A former top hedge fund manager at New Star Asset Management finds himself in hot water over a few Internet rants.

Alan Miller, who left New Star two years ago, has been accused by engineering company Pursuit Dynamics of making defamatory comments on online bulletin boards. Pursuit has seen its stock price fall by almost one quarter amid rumors that its PDX technology is ineffective and that the company was nearing insolvency.

Some of the claims were made on ADVFN.com by user “Chelsea123.” Pursuit reportedly won a court injunction forcing ADVDM to divulge the user’s identity; the account has apparently been linked to Miller.

Miller yesterday denied he had done anything wrong, calling the posts “healthy comment.”

Should the case go to trial, it will not be the first time Miller has had to fight for his millions in court. He left New Star amid an ugly divorce from his wife, who won a £5 million (US$9 million) settlement.

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