Amaranth Advisors withdraws case against Touradji Capital

November 18th, 2009
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Amaranth Advisors, the now-defunct hedge fund that collapsed in 2006 after losing more than $6 billion on natural gas futures, has withdrawn its case against Touradji Capital and its founder Paul Touradji. Amaranth had previously claimed breach of contract and misuse of trading strategies related to the base-metals portfolio Touradji purchased from Amaranth in 2006. Amaranth had alleged that Touradji had committed fraud by misappropriating trade secrets and Amaranth’s proprietary information for profit. Touradji had denied the allegations, maintaining that all actions were lawful.

Amaranth Advisors filed a summons and notice in September of 2009. Since then, Amaranth has examined additional information about the transaction and Touradji voluntarily provided trading records and additional documents. Amaranth concluded from its investigation that Touradji had not violated the agreement or improperly used trade secrets and proprietary information. In a joint statement released this week, both firms reported the withdrawal of the case, asserting that there was no payment made in connection with the withdrawal.

Touradji Capital Management is a commodities-focused hedge fund manager that was founded in 2005 by managing partner Paul Touradji. Before founding the firm, Mr. Touradji co-founded Catequil Asset Management and was a trader at Tiger Management.
See Press Release
For Detailed Investor Profiles on these Investors, click below:
Touradji Capital Management
Related People: Paul Touradji
Related Entities: Catequil Asset Management*; Tiger Management; Touradji Capital; Touradji DeepRock Master; Touradji Global Resources Fund
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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