FIN -INFour hedge funds’ settlement with creditors of the former General Motors was anything but an altruistic deal to end “contentious, time-consuming and expensive litigation,” federal prosecutors say.
The U.S. Attorney’s Office in Manhattan has objected to the hedge funds’ request for $1.5 million from the “old GM” estate to cover their legal fees. The prosecutors wrote that, far from making a “substantial contribution” to that estate, “they took self-interested steps to seek an advantageous resolution of their disputes with the estate.”
