Russian Billionaire Wins Key Ruling Over Fund Eyed by Oaktree

Russian billionaire Dmitry Rybolovlev’s family trust can pursue an effort to remove his estranged business partner from managing a bankrupt $2.5 billion biotech fund, a federal judge ruled, setting up a court fight in the Cayman Islands.

The decisionthreatens biotech entrepreneur Seth Harrison’s control of ATP Life Science Ventures and several drug companies he helped bring to market in recent years. Those companies, owned by Rybolovlev’s family trust and managed by Harrison, are worth as much as $6.5 billion, according to court filings.

The dispute began nearly a year ago, as Rybolovlev neared the end of his ...