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Sequoia Firm's Valeant Stake Brings Pain in Retiree Lawsuit
Bloomberg Mar. 17, 2016
"When Valeant Pharmaceuticals International Inc.'s stock tumbled 51 percent on Tuesday, nobody lost more than fund manager Ruane Cunniff & Goldfarb Inc., which saw $1.26 billion in value wiped out in a day.... On Monday, a retiree whose money was managed by Ruane Cunniff filed a lawsuit accusing the firm of conflict of interest, self-dealing and breach of trust. Those sins, the retiree alleged in a proposed group suit, fueled an environment that gave short shrift to participants of a retirement plan for employees of a company called DST Systems Inc.... A nontransparent fund managed by Ruane Cunniff was packed with shares of Valeant -- as much as 30 percent of its holdings, according to the complaint[.]" [Cooper v. Ruane Cunniff & Goldfarb Inc., No. 1:16-cv-01900-WHP (S.D.N.Y. filed Mar. 14, 2016)]
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