MELCHER v. APOLLO MED. FUND

4764.

105 A.D.3d 15 (2013)

959 N.Y.S.2d 133

JAMES L. MELCHER, Appellant, v. APOLLO MEDICAL FUND MANAGEMENT L.L.C. et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

January 29, 2013.


Attorney(s) appearing for the Case

Patterson Belknap Webb & Tyler, LLP, New York City ( Stephen P. Younger , Sarah E. Zgliniec and Anthony C. DeCinque of counsel), and Jeffrey A. Jannuzzo , New York City, for appellant.

Windels Marx Lane & Mittendorf, LLP, New York City ( Scott R. Matthews and James Tracy of counsel), for respondents.

GONZALEZ, P.J., SWEENY and RENWICK, JJ., concur.


OPINION OF THE COURT

RICHTER, J.

In 1995, defendant Brandon Fradd formed Apollo Medical Partners (Apollo Partners), a hedge fund that invests in companies in the biotechnology and medical device industries. Fradd also formed defendant Apollo Medical Fund Management L.L.C. (Apollo Management) to manage the investor money on behalf of the hedge fund. Although Apollo Partners was profitable at first, in late 1997, it suffered significant losses and withdrawal...

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