Solus Sues Fund Over Scuttled Sale Of $195M In Madoff Claims

Law360, New York (July 3, 2012, 11:06 PM EDT) -- Hedge fund Solus Alternative Asset Management LP on Tuesday sued another hedge fund, Perry Capital, alleging Perry breached a contract to sell Solus $195 million worth of claims against the estate of convicted Ponzi schemer Bernard L. Madoff.

In a complaint filed in New York state court, Solus said Perry reneged on the deal to sell the interests in Bernard L. Madoff Investment Securities LLC after the market for Madoff claims improved and Perry realized that it had made a bad deal.

"Perry Capital's legally wrongful...
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