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Philanthropist Sues NY Hedge Fund
By Staff Writer
February 23, 2012
Hedgeweek
Duane Morris filed suit against John Paulson and his hedge fund for negligently losing nearly half of its $1 billion investment in the Sino-Forest Company. Harvey Gurland represents Hugh F. Culverhouse, a prominent Miami philanthropist, and will expand the suit into a class action to protect other investors who suffered losses. Paulson admitted in a July conference call with investors that he failed to fully research the Chinese company, which has been called a Ponzi scheme. "It's painful to read that," Gurland says. "It's a classic case of shutting the proverbial barn door after the horses are gone."
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