Monday, 30 November 2015
Last updated 2 days ago
Mar 24 2009 | 2:00am ET
GLG Partners has been sued by an unidentified London businessman for allegedly failing to pay a promised commission.
According to the complaint, filed in a London court, the unnamed businessman introduced the hedge fund to Saudi sheikh that sought to invest as much as US$4 million in funds managed by GLG’s then-star trader, the Evening Standard reports. The lawsuit alleges that GLG director Paul Harvey offered the businessman a 2% commission if the sheikh invested.
He did, after meeting with GLG executives in 2006, but the suit claims the hedge fund has failed to pay the promised commission, despite receiving a formal invoice in June. The businessman also claims that Harvey asked him to put him in touch with other Middle Eastern investors.
The suit seeks US$80,000, including interest.
GLG said the allegations have “absolutely no basis.”
“GLG will vigorously contest this claim in court,” the hedge fund said.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…