Man Financial has submitted a court filing seeking to discredit the testimony of an expert witness called by hedge fund Philadelphia Alternative Asset Management (PAAM)'s receiver Clark Hodgson in the ongoing dispute over the losses sustained by PAAM, leading to the hedge fund's collapse last year (see FO Week Vol 10 No 39).
The witness, James Brucki, who has held various roles at Chicago Board Options Exchange, made a string of fifteen assessments in his statement to Eastern District of Pennsylvania Court to the effect that the activity in the PAAM accounts held by Man Financial had been at least unusual. Man had claimed that no losses were concealed by the use of different customer...