Star May Get Hedges Clipped

Mar 3 2006 | 1:00am ET

Actor John Cusack is the target of a lawsuit seeking the return of $166,123 that he was allegedly overpaid by troubled hedge fund Lipper Convertibles. Earlier this month, former New York Mayor Ed Kotch was also sued by the fund’s trustee for the same reason.

A slew of other high-profile figures have been caught up in the scandal involving the fund, which was run by Kotch's deputy mayor Ken Lipper. According to the lawsuit, Cusack invested a total of $300,000 with Lipper and then cashed out in 2000 with a $237,705 profit. Two years later, the departure of two executives triggered an investigation, which revealed that the fund was overvalued by almost $330 million.

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