Hedge fund manager GWA LLC and its founder George A. Weiss was hit with a proposed class action claiming the entirety of its retirement plan is invested in alternative, proprietary investments including its flagship Weiss Multi-Strategy Partners hedge fund.
The lawsuit, filed Monday in the US District Court for the District of Connecticut, claims the entirety of the company’s $103 million retirement plan is invested in two proprietary investments: the Weiss Multi-Strategy Partners (Cayman) Ltd. hedge fund and a mutual fund that largely replicated the hedge fund’s strategy.
This “highly unprecedented” decision to invest the entire plan in alternative ...
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