April 2, 2007 / 5:28 PM / 12 years ago

Solengo hedge fund sues Web site over document

NEW YORK (Reuters) - Solengo Capital Advisors, a new hedge fund founded by former Amaranth Advisors traders, sued DealBreaker on Monday over the Wall Street-focused Web site’s refusal to remove a Solengo marketing document.

The hedge fund sued the Web site, its publisher, two editors and certain employees for copyright infringement in a federal court in Manhattan, saying the document, the Solengo investor prospectus, contained “extremely sensitive, proprietary information.”

“This proprietary information is integral to Solengo’s ability to gain an edge over competitors, standing in the marketplace, and appeal to potential investors,” Solengo said in the complaint.

It asked the court to prohibit the Web site from continuing to post the document. It is also seeking unspecified damages and attorneys fees in excess of $100,000.

Amaranth, the hedge fund once worth $9.3 billion, imploded last September after making bad bets in the natural gas market.

A representative for the DealBreaker site was not immediately available for comment, but had said earlier that the materials were of legitimate news value.

“We think it’s valuable to our readers and the public to be able to see the information in it,” said John Carney, DealBreaker editor, in an interview on Friday.

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