Leon Cooperman, the hedge fund billionaire accused of insider trading by the U.S. Securities and Exchange Commission, may turn to his investors as a last resort to help defray the costs of his legal battle with the government.
Cooperman’s Omega Advisors is withholding less than 1 percent of assets being redeemed to cover legal costs if they far exceed what he’s expecting, according to investors who asked not to be identified because the firm is private. He told clients he anticipates his insurance will cover all the expenses, and if necessary he’ll spend some of his own money.
