Those who invested with John Paulson knew they would give up one-fifth of any money they made through his hedge funds to pay for the Wall Street titan’s expertise and internal research.
But promises of diligence were all smoke and mirrors, according to a federal lawsuit filed last week in Miami by investor-attorney Hugh Culverhouse Jr., whose family once owned the Tampa Bay Buccaneers. Attorneys bringing the lawsuit have used it as a bully pulpit to say hedge funds need to be better regulated and their managers held accountable.
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