Hedge Fund Ritchie Capital Drops Suit Against Benchmark

New York (HedgeCo.Net) – The legal battles that ensued between Ritchie and investors who once tried to force an involuntary bankruptcy upon them are slowing simmering down.  

Chicago based Ritchie Capital has dismissed a complaint it brought against Benchmark Plus Management, LLC, an investor in their Multi-Strategy Fund.  Benchmark, along with the Sterling Low-Volatility Fund, had originally sought to expose balance sheets and other secretive information when the fund started experiencing declines.

Ritchie Capital filed a suit against the investors following those actions, seeking $5 million in damages and citing a breach of the confidentiality and non-disparagement provisions of the governing documents of the fund.  

In April, the involuntary suit was dismissed by a Chicago court, prompting Ritchie to drop their charges and focus on the Multi-Strategy fund, which is not closing according to the company.

“We are pleased that the communication channels between Ritchie and Benchmark Plus have been re-established.  Benchmark is supportive of Ritchie Capital’s continued management of the Multi-Strategy Fund and applauds its recent actions of having an independent expert verify the relevant books and records of the Fund,” said Robert Ferguson, Principal of Benchmark Plus.  He went on to say that Benchmark has terminated their relationship with their legal counsel, Winston & Strawn, though reasons weren’t stated as to why.  

It is estimated that Ritchie is managing approximately $1 billion in assets.  Ritchie has not yet dropped their case against Sterling.    

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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