Fairfax Financial Holdings Ltd. is seeking $5 billion in damages from a group of big hedge funds led by SAC Capital Management, claiming the funds spearheaded a “massive and fraudulent disinformation campaign” against the Canadian insurance company to profit from shorting its stock.

Fairfax alleges that SAC, along with a number of other hedge funds, shorted Fairfax stock and then carried out an “organized effort to damage severely, if not destroy, Fairfax and its affiliated companies by among other things (spreading) false and misleading information about Fairfax’s business to its employees, executives, shareholders, bankers, regulators and rating agencies.”