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Ousted hedge fund Co-founder settles $636m Proskauer Rose malpractice law suit

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Dr Robert Adelman, an ex-client of Proskauer Rose, has settled a $636m malpractice lawsuit against US law firm over his ousting from a hedge fund he co-founded, after a judge ruled the case could go to trial, according to a report by Reuters.

Adelman and Proskauer Rose have jointly informed Suffolk County Superior Court Justice Kenneth Salinger that they are dismissing all of their claims with prejudice, having reached an out-of-court settlement.

In the suit, which was was filed in 2020 and scheduled to go to trial in May 2024, Adelman claimed that he lost out on profits from hedge fund venBio Select Advisor, which is now trading as Avoro Capital, after Proskauer attorneys committed a “botched cut-and-paste” job on the partnership agreement, which included a provision that allowed its manager, Behzad Aghazadeh, to oust Adelman from the fund.

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