Man Group’s GLG Sued Over ‘Incomprehensible’ Deal
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Richard Desmond, founder of the Northern & Shell Plc media group, sued a Man Group Plc hedge-fund unit for as much as 20 million pounds ($33 million), adding it to a dispute over losses on an investment he said was too complex to understand.
Desmond, whose media empire includes OK! Magazine, the Daily Express newspaper and adult television channels, said GLG Partners LP advised him to enter into a 2007 derivatives transaction with Credit Suisse Group AG as a counterparty, according to the lawsuit filed in London. He invested about 50 million pounds in a product referred to as Constant Proportion Portfolio Insurance, a type of swap.