Hedge Fund Sues Law Firm Over $31M PlayStation Scheme

Law360, New York (September 20, 2013, 10:30 PM ET) -- Ritchie Capital Management LLC sued Minneapolis law firm Fredrikson & Byron PA in Illinois court Thursday for allegedly helping convicted fraudster Tom Petters rake in $31 million from the hedge fund shortly before his Ponzi scheme went bust.

Ritchie accused Petters' alleged affiliates, also named in the lawsuit, of arranging a bogus purchase of 232,500 PlayStation consoles, which were supposedly to be resold to Costco Wholesale Corp. The scheme solicited $31 million from Ritchie for the transaction, the hedge fund says, and Fredrikson & Byron was...
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