Friday, 29 July 2016
Last updated 4 hours ago
Nov 16 2009 | 1:13pm ET
Collapsed hedge fund Amaranth Advisors has dropped its $350 million lawsuit against Touradji Capital Management.
The Greenwich, Conn.-based firm, which lost more than $6 billion on bad natural gas bets three years ago, said that its continuing investigation has found that the commodities hedge fund shop did not breach its contract with Amaranth to buy the failing hedge fund’s base metals portfolio. Amaranth had been seeking at least $350 million in damages.
“Amaranth has received and evaluated additional information regarding the transaction, including trading records and other information voluntarily provided by Touradji Capital, that is consistent with Touradji Capital’s position that it did not violate the agreement with Amaranth and did not misuse Amaranth’s proprietary information,” the two hedge funds said in a joint statement.
Amaranth said it had “protected [its] interests” in the matter despite dropping the lawsuit.
Amaranth sued Touradji in September, alleging that Paul Touradji and other employees of his hedge fund used inside information obtained in its deals with Amaranth in “improper trading practices and misuse of plaintiff’s proprietary and confidential information.” Touradji called the allegations “scurrilous.”