Tuesday, 31 May 2016
Last updated 3 days ago
Nov 20 2008 | 1:45am ET
In recent years, A.R. Thane Ritchie has been less of a hedge fund manager and more like a magnet for legal actions.
The latest lawsuit against Ritchie and his hedge fund, Ritchie Capital Management, comes from Barclays Bank, accusing them of hiding more than $150 million in investments it made with the collapsed Petters Group Worldwide. That firm’s principal, Tom Petters, has been accused of masterminding a $2 billion Ponzi scheme.
“Thane Ritchie made the decision to invest significant sums” of money from two of its hedge funds when they “were supposed to be winding down,” Barclays alleges. The complaint, which says the British bank is owed at least $380 million, was filed in Illinois state court in Chicago. In addition to the firm and Ritchie himself, the suit names 19 related entities and funds and four other executives.
Lisle, Ill.-based Ritchie Capital denies the allegations.
According to a list of unsecured creditors filed in the Petters case, Ritchie-related entities could be owed almost $225 million by Petters.