Key Takeaways
- • A New York appellate court ruled that Jordan Chirico, a former Jefferies hedge fund manager indicted for defrauding his former employer, may sue Jefferies to recover his legal defense costs.
- • The ruling, issued on a Tuesday, reversed a lower-court judge's dismissal of Chirico's suit seeking advancement of legal fees.
- • The claim rests on Chirico's employment agreement with Jefferies' Leucadia Asset Management and other contracts tied to his management of the 352 Capital fund.
Summary
A New York appellate court has allowed former Jefferies Financial Group Inc. hedge fund manager Jordan Chirico to pursue the firm for the cost of his legal defense, according to Bloomberg. Chirico faces criminal charges for allegedly defrauding his former employer.
Chirico won a Tuesday ruling that reversed a lower-court judge's dismissal of his lawsuit. The suit seeks advancement of legal fees under his employment agreement with Leucadia Asset Management, a Jefferies unit, as well as under other contracts tied to his management of the 352 Capital fund.
The decision reinstates Chirico's claim after the lower court had thrown it out. The article does not report the amount of legal fees at issue or the ruling's further proceedings.
Chirico won a Tuesday ruling that reversed a lower-court judge's dismissal of his lawsuit. The suit seeks advancement of legal fees under his employment agreement with Leucadia Asset Management, a Jefferies unit, as well as under other contracts tied to his management of the 352 Capital fund.
The decision reinstates Chirico's claim after the lower court had thrown it out. The article does not report the amount of legal fees at issue or the ruling's further proceedings.
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