Media tycoon Richard Desmond has sued Man Group hedge-fund unit GLG Partners for as much as £20 million (US$33 million) over losses on an ‘incomprehensible’ investment.
Desmond, who owns Channel 5 and the Daily Express, argued that a £50 million derivatives product he bought in 2007 was ‘incomprehensible’ and too risky.
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The derivative was a capital-protected swap designed by Credit Suisse that was linked to the performance of GLG’s funds. Desmond has already filed a suit against the Swiss bank.
Man Group denied it misled Desmond, insisting it did not even act as the counter-party in the disputed transaction. They added that it was Credit Suisse which invested in a GLG portfolio of hedge funds.
GLG claims Desmond was a sophisticated investor who took independent financial advice on the transaction.
The case is set to be heard a year from now at the High Court alongside the Credit Suisse claims.
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By GlobalData
