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According to a report from
DealBook, Hedge Fund manager John Paulson has been sued by a prominent investor.
Paulson became well-known for betting against the housing bubble before it collapsed in 2008--an event which made him billions. Yet, last year, one of his primary funds lost nearly 50% of its value after several key investments--including Bank of America
BAC and Hewlett-Packard
HPQ--traded down significantly.
The investor, based in Florida, has sued Pauslon over his team's failure to conduct the necessary due diligence in its investigation of Chinese reverse-merger Sino-Forest
SNOFF. The company was accused of fraud by short seller Muddy Waters last summer. Paulson subsequently dumped his stake at a huge loss before Sino-Forest's shares were eventually halted and delisted from the Nasdaq.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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