May 18, 2015

Lynn Tilton, Patriarch Partners Named in Investor Fraud Suit

BloombergBusiness (May 18, 2015) — Lynn Tilton, the so-called Diva of Distressed who’s already defending SEC claims of overcharging customers by almost $200 million in fees, now faces fraud allegations by her clients.

Two investors in funds managed by Tilton’s Patriarch Partners LLC said in a lawsuit filed Friday that it’s “obvious” that the “vast majority of the information” they received from the firm was “false and misleading.” Hannover Funding LLC and Norddeutsche Landesbank Girozentrale are seeking at least $44 million in their lawsuit in state Supreme Court in Manhattan. . . .

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NORD/LB and Hannover Funding LLC are represented by Michael Fay and Jenny Kim of Berg and Androphy.