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Third Avenue, Whitman are sued over junk bond fund collapse

January 18, 2016 In The News

Third Avenue Management, founder Martin Whitman and other executives at the value investment firm have been sued for at least $500 million over last month’s sudden collapse of a junk bond mutual fund they oversaw.

In a complaint filed on Friday with a New York state court in Manhattan, an investor in the Third Avenue Focused Credit Fund accused the defendants of gross negligence for failing to ensure that the fund had enough liquidity to avert its demise.

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