Hedge fund attorneys have filed a lawsuit against a hedge fund that claims it is owed $500 million in asbestos-related litigation.
The lawsuit, filed Monday in New York federal court, claims the hedge fund, which has been under investigation by the U.S. Environmental Protection Agency for more than a decade, is not entitled to a full accounting of damages and damages under the Clean Air Act.
The suit, which seeks an award of damages of up to $1 billion and an injunction against the hedge funds principal, alleges the funds attorneys failed to disclose and explain how asbestos was removed from their properties in a manner that would protect against the inhalation of the carcinogen.
The hedge fund also contends that the plaintiffs were misled by the hedge-fund attorneys.
The plaintiffs also say the plaintiffs failed to identify the locations where asbestos was installed in the building’s basement.
They also contend the plaintiffs, who are from Florida, did not disclose the presence of asbestos to the hedge investment firms management team.
The suit also contends the hedge companies did not properly disclose that they were in compliance with federal asbestos-reduction regulations, the suit says.
The attorneys also say that the hedge firms’ attorneys, James S. and Livia Cone, did nothing to assist in the remediation of the building that they did not own and that the plaintiff’s attorneys failed in their duty to act as fiduciaries to the plaintiffs.