Hedge Fund To Repay $40M To Cleveland Browns Owner

Law360, New York (August 9, 2011, 10:23 PM EDT) -- A Delaware judge on Monday ruled that hedge fund Paige Capital Management LLC must return a $40 million investment to the owner of the National Football League's Cleveland Browns.

Chancellor Leo E. Strine said Paige is not entitled to use so-called contractual gates to prevent Randy Lerner from withdrawing his seed investment from the fund, which failed to attract other investors.

The decision closes more than a year of litigation between the well-heeled Lerner and Michele Paige, a Yale-trained lawyer who left Icahn Associates and King...
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