Hedge Fund AR Lawsuit
Hedge Fund AR Lawsuit
Hedge Fund Drops Suit Against Absolute Return + Alpha
Hedge fund firm Elliott Management Corp. has decided to drop its lawsuit against Absolute Return + Alpha magazine. Elliot argued that by disclosing the firm’s letter to investors, the trade publication harmed the hedge fund and its competitive position. But the hedge fund manager has now dropped the suit just before a court hearing next week.
Hedge-fund manager Elliott Management Corp. on Tuesday dropped its court case against trade publication Absolute Return + Alpha, bringing to a close a battle over public disclosure of a hedge fund’s investments.
Elliott withdrew its court petition seeking discovery about who leaked Elliott’s investor letter to the publication just two days before the trade magazine was due to submit an affidavit to the New York state court in Manhattan.
The magazine published its article Aug. 26 despite the pending court case.
Elliott, which argued last week that disclosure of its positions in the investor letter would harm Elliott and damage its competitive position, said “developments since the application was filed made the discovery unnecessary.” Source
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