Friday, March 31, 2006

Hedge Funds as Plaintiffs, err Defendants

Over at the WSJ Blog, Peter Lattman has written about the SEC's recently filed (and settled) case against hedge fund manager Jeffrey Thorp and three of Thorp's hedge funds. One of those funds, Langley Partners, L.P. is actually a plaintiff in an individual action against Tripath Technology Inc.

While the In re Tripath Technology Inc. Sec. Litig. class action recently settled, the stipulation of settlement expressly reserved "claims against any Class Members, which arise or relate to actions other than the [class action] including but not limited to Langley Partners, L.P. v. Tripath Technology Inc."

It is interesting to note that Tripath is not one of the 23 PIPE transactions that Thorp and his hedge funds were accused of wrongdoing in connection with by the SEC.

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