Haynes and Boone's Newsroom
Dan Gold Secures Dismissal for Perot Trust in Investor Suit on Losses
A lawsuit in which billionaire H. Ross Perot's family trust was accused of mismanaging a fund so that it went from $2.5 billion to "less than zero" was dismissed by a federal judge in Dallas.
Three investors in the Bermuda-based fund sued on behalf of outside investors. Last year, Southern Avenue Partners LP and Levine Capital Ltd. brought separate lawsuits against the Perot Family Trust and the other entities.
The suits were combined into a complaint joined by another investor, Deborah Bash Mullen, who said she lost the $1 million she had in the fund when it imploded in 2008. Southern Avenue and Levine Capital said they lost "millions."
Daniel H. Gold, a lawyer for the Perot Family Trust, argued at an April 7 hearing that the investors sued the wrong entities. A lawyer for the investors, Rick Thompson of Hankinson Levinger LLP argued that Perot and the Perot entities controlled the fund.
Excerpted from Bloomberg. To view the full article, click here.