Hong Kong-based hedge fund Gen2 Partners Ltd has filed a claim seeking over $137m in damages from Samsung Securities Co, Samsung Hedge Asset Management Co, and Samsung Securities (Asia) Ltd, according to a report by Bloomberg.
The dispute stems from contractual disagreements during the Covid-19 pandemic, when Gen2 suspended redemptions to protect investors. The fund alleges the Samsung entities disrupted operations, forced asset liquidations, interfered with financing arrangements, and caused investor losses and reputational harm.
Gen2’s writ also highlights that prime broking credit facilities were reduced by more than $1bn across its funds. The litigation is underway in Hong Kong’s High Court.
