Omega Ends $485M Fraud Fight With Ex-Employee

Law360, New York (June 11, 2010, 2:46 PM EDT) -- Omega Advisors Inc. has dismissed its claims against former employee Clayton Lewis, whom the hedge fund says cost it more than $485 million in damages when he led it under fraudulent pretenses into a failed purchase of federal Azerbaijan privatization securities and skimmed money from the investment pool.

The parties presented the U.S. District Court for the Southern District of New York with a stipulation of voluntary dismissal Thursday, dropping all claims and counterclaims asserted in the action.

Details of a settlement, if any, were not...
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