Madoff Deals Locked in Safe at Center of U.K. Hedge-Fund Lawsuit
- Principal says Randall Dillard, colleagues hid investments
- Dillard denies hiding files in safe in ritzy area of London
Bernard Madoff in 2009.
Photographer: Timothy A. Clary/AFP via Getty ImagesThis article is for subscribers only.
Principal Financial Group Inc. accused the managers of Liongate Capital Management LLP of hiding investments with Bernie Madoff while negotiating to sell half of their London hedge fund to Principal.
Founders Randall Dillard and Jeff Holland, and Head of Research Benjamin Funk sold the stake in March 2013 without disclosing secret investments in the largest of several Madoff "feeder funds,” according to legal filings produced by Principal. It may be seeking as much as $66 million in damages in its London lawsuit.