The problems just keep piling up for the famed financial-crisis-era bank analyst Meredith Whitney and her hedge fund.
In a story published late Tuesday, Bloomberg’s Max Abelson reported that a hedge fund connected to Michael Platt’s BlueCrest Capital Management is suing Whitney’s American Revival Fund.
Reportedly, Platt’s BlueCrest Capital Opportunities brought the lawsuit seeking to get back its $US46 million stake in Whitney’s fund. Abelson reported last Friday that the fund was asking for its money back.
And here’s the real kicker — the suit was brought in Bermuda, which Whitney’s attorney said was “contrary explicitly to a contractual agreement that any lawsuits or legal disputes would be resolved here in New York,” writes Abelson.
“The suit shows how quickly relations have soured since last year, when Platt helped Witney […] start her firm,” writes Abelson.
This legal dispute is the latest development in the string of problems that Whitney and her fund have seen.
Additionally, her fund is reportedly down 11% through last month and her Madison Avenue office is on the market.
And on top of all that, the hedge fund’s CEO Brittani Caetano and SAC Capital veteran and cofounder Stephen Schwartz have left the firm.