Minneapolis Star Tribune- A Hennepin County district judge has ruled that a hedge fund operated by former Vikings co-owner Jim Jundt and his son Marcus must pay the fund’s former star manager nearly$2 million in unpaid bonuses.<\/p>\n
Last week, Judge Gary Larson ordered Jundt Associates Inc. to pay Paul Bottum $1.83 million plus interest after concluding that Jim and Marcus Jundt reneged on promises to pay Bottum bonuses related to the hedge’s performance in 2000 and 2003.<\/p>\n
The Jundts, who were not defendants in the lawsuit, had denied making those promises. Jim Jundt did not return a phone call seeking comment. Neither Marcus Jundt nor Bill Pentelovitch, who represented Jundt Associates, could be reached for comment.<\/p>\n
The case was unusual in that Bottum possessed no written documents to prove his claim. The Jundts have a history of making only oral promises, said Andrew Parker, a partner with Minneapolis-based Parker Rosen who represented Bottum.<\/p>\n
Bottum was a top portfolio manager at Southways Partners, a hedge fund founded by Jim Jundt and later run by Marcus Jundt. Bottum says that Jim Jundt promised him a $1 million bonus every time the fund beat the S&P 500, which it did in 2000 and 2003. But the firm only paid Bottum $175,000, the lawsuit said.<\/p>\n