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Class-action suit seeks $50M from hedge fund manager

Cincinnati – A longtime Cincinnati money manager already targeted in several civil suits is also being sued in federal court on allegations he bilked about 200 investors out of more than $50 million.

The class-action suit, filed Tuesday in U.S. District Court in downtown Cincinnati, likely will slow the progress of the already-complex civil suits that began this summer. Like the earlier suits, the latest filing targets not only Glen Galemmo, but his wife, Kristine Galemmo; alleged business partners Edward C. Blackledge and Wiley B. Kyles; and a slew of limited liability corporations that Galemmo formed.

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