Polygon Execs Sued Over 'Unjust' Tetragon Fees

Law360, New York (July 12, 2011, 3:38 PM EDT) -- Two founders of hedge fund Polygon Investment Partners LLP were hit with a shareholder derivative suit in New York on Monday that alleges they siphoned $205 million from Tetragon Financial Group Inc. through “unjust” fees despite the company's steep losses.

The complaint claims that the nine members of Tetragon's board, including Polygon co-founders Patrick Dear and Reade Griffith, breached their fiduciary duty by devising a structure that saw a Polygon unit collect “unjust performance fees” even as Tetragon's shareholders bore the brunt of steep losses related...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.