Hedge Fund Investment Entity Agrees to New York's Largest False Claims Act Settlement

Hedge Fund Investment Entity Agrees to New York's Largest False Claims Act Settlement

New York Attorney General Eric Schneiderman (D) on April 18 announced a $ 40 million settlement with a hedge fund’s investment management company whose members paid no New York income tax on hundreds of millions of dollars of performance management fees.
 
The amount agreed to by Harbert Management Corporation and individual executives is New York’s largest settlement to date resolving a tax claim brought under the state’s False Claims Act.