A former portfolio manager at Soros Fund Management, founded by billionaire George Soros, has filed a lawsuit against the hedge fund firm for at least $19.5 million.
The lawsuit was filed on 3 July in New York state court in Manhattan.
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Aaron Cowen, who worked as CIO and portfolio manager at SAC Capital Advisors before joining Soros in 2010, claimed that he was fired without cause after nine months into his career at the firm.
Cowen added that he never received performance and management fees and Soros denied to provide his track record, hindering his ability to launch his own hedge fund.
According to the lawsuit, Cowen has been fired despite his positive returns of generating US$34 million for the firm, managing a US$500 million of assets in Soros. In addition, he was promised a base salary of US$500,000, plus performance and other fees.
Cowen said that Soros has to repay him US$11 million in pipeline performance fees, US$8.4 million in performance fees, US$2 million in management fees as well as at least US$3 million in compensatory damages from the ternimation of his portfolio.
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By GlobalDataGeorge Soros said: "I don’t know why you were let go. You were doing very well."
