Reply #57: Don't invest in Biden.

[Dr.Phool]

This could be old news, but it's the first I've seen of it.

http://www.reuters.com/article/politicsNews/idUSN0644245920080806?feedType=RSS&feedName=politicsNews

Fund manager sues son and brother of U.S. Senator Biden
Wed Aug 6, 2008 5:44pm EDT




NEW YORK (Reuters) - A Deutsche Bank executive is suing a son and a brother of Delaware Sen. Joe Biden for at least $10 million over a deal they had to buy into a hedge fund, according to court documents.

Stephane Farouze, who is global head of fund derivatives for Deutsche Bank and lives in London, claimed that Biden's son Hunter and brother James broke a May 2006 contract and defrauded him after agreeing to buy his membership interests in New York-based Paradigm Companies LLC.

The lawsuit filed in New York State Supreme Court in Manhattan in June names Washington lobbyist Hunter Biden, James Biden, and James's former business partner Anthony Lotito as defendants.

On Wednesday, Farouze's lawyer Marlen Kruzhkov said that the Bidens "never had any intention of carrying out the agreement with my client".

(snip)

The lawsuit said that while the Bidens took control of the company, they never paid Farouze the cash they had agreed to pay.

(snip)