Bloomberg – Ritchie Capital Management and Thane Ritchie, the hedge fund manager’s principal, were sued by Barclays Bank Plc over accusations they concealed more than $150 million in investments made in the collapsed Petters Group Worldwide LLC and affiliates.

Now bankrupt, Petters Group, based in Minnetonka, Minnesota, was raided in September by FBI agents acting on information that the company may have cheated at least 20 investors. Principal Tom Petters, accused of leading a $2 billion fraud, is being held without bail in a Minnesota jail.

“Thane Ritchie made the decision to invest significant sums” from two of his firm’s hedge funds with Petters, at a time when those funds “were supposed to be winding down,” Barclays said in a complaint filed Nov. 18 in Illinois state court in Chicago.

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