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...
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