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Hedge-Fund Founder Loses Suit Over $6 Million Gift to Partner

Bloomberg – One of the founders of Gradient Capital Partners LLP lost a lawsuit seeking to recover a “gift” of about 3.9 million pounds ($6 million) paid to his former partner at the London hedge fund as losses mounted amid the financial crisis.

Ivor Farman gave the money to the fund’s co-founder Scott Pagel to help him pay a U.S. tax bill in January 2009, according to a U.K. court ruling today. Their relationship had soured the previous year as investors pulled as much as $900 million out of Gradient funds, Judge David Mackie said.

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