Forbes – A fund of hedge funds connected to billionaire investor Leon Cooperman has sued embattled hedge fund manager Stephen Hicks for fraud, seeking $5 million in damages related to a bitter three-year battle over an investment redemption.
Pine Street Associates, a $140 million fund of hedge funds that is managed by a group that includes Cooperman and is headquartered in the same Manhattan offices as Cooperman’s big Omega Advisors hedge fund, has been fighting in court for months with Hicks’ hedge fund firm, Southridge Capital Management. But now Pine Street has sued Hicks directly, saying that he caused Southridge to redeem Pine Street’s investment with securities that turned out to be “virtually worthless.”
