Fortress Targeted In $200M Clawback By Bankrupt Aussie Co.

Law360, New York (February 28, 2014, 7:05 PM EST) -- The liquidators of Australia-based property finance group Octaviar Administration Pty. Ltd. filed a $210 million clawback suit against a hedge fund managed by Fortress Investment Group LLC in New York court Friday, alleging Drawbridge siphoned off funds belonging to Octaviar while it was insolvent.

The liquidators, which have filed a similar suit in Australian court, allege that when Drawbridge Special Opportunities Fund LP caught wind of the deteriorating financial situation of the larger group of affiliated Octaviar companies, it devised a scheme to divert funds away from...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.