Photo: 60 Minutes
A hedge fund manager in New Jersey is suing Michael Lewis and FrontPoint’s Steven Eisman over defamation he claims occured in Lewis’s financial crisis megahit, “The Big Short,” the WSJ reports.Wing Chau of Harding Advisory LLC, claims the book about the sub-prime mortgage fiasco “falsely depicts him as one of the ‘villains’ behind the U.S. financial crisis.”
(Sidenote: that’s not the case, in our opinion, Chau looks like the dummy.)
The lawsuit is concerned with a particular passage that details a conversation between Chau and Eisman — based on Eisman’s account — that Chau claims are a lie.
According to the lawsuit,
The entire passage depicts Mr. Chau as someone who ignored his professional responsibilities, made misrepresentations to investors, charged money for work that was not performed, had no stake in the CDOs he managed, was incompetent or reckless in carrying out his responsibilities, and violated his fiduciary duties by putting the interests of ‘Wall Street bond trading desks’ above those of his investors.
Eisman and Lewis are yet to comment.