Thursday, 25 August 2016
Last updated 58 sec ago
May 21 2009 | 10:38am ET
The co-founder of hedge fund Viking Global Investors has been denied even a red cent, losing a his legal battle with his former compatriots.
A Delaware judge last week dismissed Brian Olson’s lawsuit against Greenwich-based Viking and co-founders Andreas Halvorsen and David Ott. Olson was fired in 2005—after making $150 million since 1999—and he sued, demanding the “fair value” of his equity stake in the firm, which he estimated at $250 million. He also claimed he had an oral agreement with Halvorsen and Ott, who allegedly promised him a six-year earnout totaling $100 million.
But following a six-day trial in November, Vice Chancellor Stephen Lamb ruled in favor of Viking and its remaining founders, awarding Olson nothing, the Am Law Litigation Daily reports. Olson probably shouldn’t be surprised by the ruling—Lamb granted summary judgment to Viking on the $100 million earnout claim in October—but is no doubt disappointing to him all the same.