Published April 02, 2013
BOSTON – John Paulson scored a legal victory when a federal judge dismissed a lawsuit that charged the hedge fund manager had failed to properly research an investment in Sino-Forest Corp that cost his fund millions in losses.
An amended order was entered on March 31, 2013, granting Paulson's motion to dismiss the case, court papers show.
Hugh Culverhouse, whose family had once owned the Tampa Bay Buccaneers football team, sued Paulson a year ago over the Sino-Forest investment, one of the hedge fund's most prominent losses.
The judge ruled that Culverhouse did not have the standing to sue and claim a fiduciary relationship with Paulson.
(Reporting By Svea Herbst-Bayliss and Jon Stempel. Editing by Andre Grenon)