Platinum Management Faces $20M Suit Over Oil Deal

Law360, New York (November 19, 2010, 12:00 AM EST) -- Oil-trading company Petroexport Ltd. has filed a $20 million suit against Platinum Management LLC, accusing the investment adviser and an associated hedge fund of sending it to bankruptcy by breaching a contract for a joint venture involving a Middle Eastern refinery.

New York-based Platinum caused the “complete financial annihilation” of Petroexport, also based in New York, when it abruptly held back its $35 million stake in a joint refining venture that was weeks from shipping oil, Petroexport said in a complaint filed Thursday in the Supreme...
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