Finance
Jefferies Asks Judge to Remove Managers of Weiss Multi-Strategy
- Companies have exchanged accusations in Weiss bankruptcy case
- Jefferies says a trustee should take over liquidation of firm
Jefferies’ headquarters in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Managers of Weiss Multi-Strategy Advisers are trying to use the company’s bankruptcy case to enrich themselves and should be replaced by a court-approved trustee, Jefferies Financial Group said in a court filing.
The move comes days after Weiss filed for court protection and sued Jefferies in US bankruptcy court in Manhattan. The defunct hedge fund is seeking to recover $20 million, alleging the money either wrongly went to Jefferies over other creditors or was obtained under the threat of litigation. Jefferies has denied the allegations and said Weiss is acting in bad faith.