Wall Street Journal: Two Former Hedge Fund Employees Expected to Get $90 Million Jury Payout
BY JULIET CHUNG | The Wall Street Journal
Two former employees of commodities hedge fund Touradji Capital Management LP are expected to receive roughly $90 million after winning a decadelong lawsuit against the firm. . .
After less than four hours of deliberation, a Manhattan jury on May 24 found Paul Touradji’s hedge-fund firm owed $45.7 million to Gentry Beach and Robert Vollero. The pair had argued that Mr. Touradji had verbally promised them part of the net profits they made but that he then largely failed to deliver.
That payout is expected to balloon to roughly $90 million when 9% interest a year is factored in, according to lawyers for Messrs. Beach and Vollero. That rate is mandated by New York statute for many civil judgments. The potential for a payout of about $90 million hasn’t previously been reported.
Robert Seiden and Michael Stolper of the Seiden Group and David Greenberger of Bailey Duquette represented Messrs. Beach and Vollero.
“It was a brutal experience, but at the end of the day it was a story of persistence and truth,” said Mr. Beach, 43 years old. . .
Messrs. Beach and Vollero, who respectively live in Dallas and Manhattan with their families, now invest their personal wealth together. They ran a hedge fund, Vollero Beach Capital Partners LLC, for years together after leaving Touradji Capital.
Mr. Touradji moved his hedge fund from New York to Boca Raton, Fla. The firm at the end of 2018 managed $315 million, according to a regulatory filing.