Hedge Fund's $8M Fraud Suit Is Old News, Judge Hears

Law360, New York (April 24, 2012, 7:58 PM EDT) -- Hedge fund Pine Street Associates LP can't sue Southridge Partners LP founder Stephen Hicks for allegedly fraudulently investing $8 million in illiquid securities because the issue was already litigated in arbitration, Hicks told a New York state judge Tuesday.

Pine Street said before the arbitration that it would withdraw allegations that Hicks defrauded it by investing in illiquid securities, after he told Pine Street that he would put its $8 million investment in easily liquidated securities. But Pine Street litigated that issue again and again during...
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.