UK hedge fund Man Group is facing legal action from a Kuwait-based pension fund over allegations of secret contracts between Man Group and the pension fund’s executives.
The Public Institution for Social Security (PifSS) is seeking $156 million in compensation over the allegations.
It has filed its suit in the UK high court.
A spokesperson for Man told the Financial Times that it would contest the allegations in court.
“The subject matter of these allegations dates back over 20 years and, based on the evidence we have seen to date, Man Group will dispute any claim and intends to vigorously and robustly defend any proceedings,” she said.
©2019 funds global mena