Hedge Funds

Legal victory for Asset Alliance


Beacon Hill and Asset Alliance have won an early round in the lawsuit that several investors filed against them after Beacon Hill, of which Asset Alliance had a 50% stake, blew up spectacularly in 2002.

Judge Lewis Kaplan, of the U.S. District Court for the Southern District of New York, dismissed the suit on technical grounds in two separate opinions but wrote that the plaintiffs had the option to re-plead. Scott Berman, attorney for the plaintiffs, said they plan to correct the problems with the original complaint as outlined by the judge and re-plead, which the plaintiffs have