University Sues Hennessee Over Bayou

Justin Hibbard

Institutional investors have long known that when they want access to the best hedge funds, they should hire Hennessee Group, a New York investment adviser run by Lee Hennessee and her husband, Charles Gradante. That's why DePauw University struck a particularly shrill note of outrage in a lawsuit it filed against Hennessee in federal court on Wednesday. The suit claims Hennessee made "untrue statements" and used "falsified" investment-performance results to mislead the university into a $3.25 million investment in a hedge fund managed by Bayou Management, the founders of which pled guilty to criminal fraud on Sep. 29. Read about it here.

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