Fairfax Hits Hedge Funds With $5B Suit

Law360, New York (July 27, 2006, 12:00 AM EDT) -- Fairfax Financial Holdings has slapped a slew of hedge funds with a $5 billion dollar lawsuit for allegedly hatching a plot to manipulate the insurer's shares.

The Toronto-based insurer announced the litigation on Wednesday, revealing that it had filed suit in New Jersey’s Superior Court seeking up to $5 billion in damages.

The funds targeted include SAC Capital, Lone Pine, Copper River and Third Point.

“This action arises from a massive, illegal and continuing stock market manipulation scheme, which has targeted and severely harmed Fairfax, among...
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