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Stallone and Cusack face hedge fund lawsuit

 
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chandu



Joined: 17 Oct 2005
Posts: 814

PostPosted: Sat Aug 26, 2006 4:52 am    Post subject: Stallone and Cusack face hedge fund lawsuit Reply with quote

Sylvester Stallone and John Cusack are facing legal action after investors lost money in a collapsed hedge fund.

The lawsuits were filed in New York this week, as lawyers seek to reclaim some of the profits Stallone, Cusack and a number of other high net worth individuals made from the fund.

Lipper Convertibles collapsed in 2002 amid fraud claims shortly after a number of big money investors, including Stallone, Cusack and former New York mayor Ed Koch, pulled their money out.

According to reports, Stallone made $3.8 million from an initial investment of $2.5 million.

Lawyers acting for people who lost money when the fund went under say those who made huge profits should return the money so that it can be divided equally.
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