How hedge funds sue counsel

Author: | Published: 1 Nov 2007
Lawyers blamed for hedge fund accidents

Lawyers are more used to conducting litigation than being its target. But this is changing, as hedge funds lash out at the legal representatives giving them bad advice. As a session at the IBA conference in Singapore last month on the role of hedge funds in financial restructurings heard, counsel is increasingly being accused when investments go wrong.

"People involved in hedge funds are very careful and very savvy about reading documents, so it's not surprising. No one likes to be blamed," said Giovanni Prezioso of Cleary Gottlieb Steen & Hamilton's Washington DC office.