Amaranth Drops Suit Against Touradji

Nov 16 2009 | 2:13pm 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.”


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of