Chancellor Leo E. Strine Jr. has ruled that a hedge fund breached its contractual obligations and fiduciary duties by not returning the $40 million seed money to its original investor, saying the money was not returned for the "selfish reason" of wanting to continue to collect management fees.
Strine issued the decision inPaige Capital Management LLC v. Lerner Master Fund LLC, an acrimonious battle between Michele Paige, a money manager who once worked for Carl Icahn and Randy Lerner, the owner of the Cleveland Browns and former chairman of MBNA Corp.
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