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Cooperman May Stick Client With Part of Legal Bill

  • Firm is withholding less than 1% of assets being redeemed
  • Hedge fund manager expects insurance to cover all legal costs
Leon Cooperman: I've Done Nothing Wrong

Leon Cooperman: I've Done Nothing Wrong

Corrected

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.