Star May Get Hedges Clipped

Mar 3 2006 | 12:00am 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.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...