Catequil feud takes a new turn as Touradji counter-sues Ellis

Wed Nov 17, 2004



The legal dispute between the co-founders of Catequil Asset Management is heating up, as the firm's former partners and employees take fresh legal actions against one another and the once high-flying commodity and commodity-related equity fund continues liquidating its assets.

Last month, Catequil co-founder Paul Touradji fired back a tell-all lawsuit of his own against former partner Paul Ellis, who several weeks ago accused Touradji in court documents of behaving abusively toward employees and diverting funds from the partnership to relatives and personal expenses.

Touradji's counter-claim accuses Ellis of numerous transgressions, including tax fraud, secretly plotting to start his own fund and steal away Catequil investors, reckless trading incompetence, and not even showing up at Catequil's New York headquarters.

Touradji's suit didn't say how much he is seeking in damages, but it may be as much as $240 million, based on his sought-after 80% share...

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