Barclays Sues Ritchie Over Investments In Petters

Law360, New York (November 20, 2008, 12:00 AM EST) -- Barclays Bank PLC has reportedly sued hedge fund company Ritchie Capital Management LLC for allegedly concealing $150 million in investments in the recently collapsed venture capital firm Petters Group Worldwide LLC.

The complaint, filed Tuesday in an Illinois state court in Chicago, alleges that Ritchie invested heavily two of its hedge funds — Ritchie Structured Investments Ltd. and Ritchie Targeted Investments Ltd. — in Petters while those funds were supposed to be winding down, Bloomberg reported Thursday.

Barclays alleges that it is owed at least $380...
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