The defendants prevailed on summary judgment on all counts in this case concerning a hedge fund’s failure. Retained by Paul, Weiss, Rifkind, Wharton & Garrison Following the failure of their investment in a hedge fund managed by Fletcher Asset Management, plaintiffs brought a $220 million suit against Citco, the fund’s administrator. Defense counsel retained Cornerstone Research and Shane Johnson of Texas A&M University to opine on loss causation and damages. Professor Johnson’s analysis showed that the plaintiffs’ expert’s calculation substantially overstated damages, due to a misinterpretation of the structure of the plaintiffs’ investment. Plaintiffs alleged that certain misrepresentations, omissions, and conflicts of interest of the administrator defendants caused their losses. Profess

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