Perry Capital LLC was sued by Solus Alternative Asset Management LP over allegations the hedge fund firm made a “willful breach of its obligations” to sell its share of $195 million in claims in Bernard Madoff’s estate. Perry agreed to the trade over the telephone and with “instant messages” that are part of Bloomberg LP’s communications systems for clients, Solus said in a complaint in New York state court in Manhattan. Solus is seeking $20 million in damages. Perry bought a participation in the claims from a unit of Deutsche Bank AG, Solus said in its complaint. With the unit’s help, the two hedge fund firms were ready to close the trade by early June, Solus said. More in Bloomberg Businessweek here.
