Former fund managers sue 3i
Two former 3i fund managers have reportedly sued the company for £3.06m each in shares and cash performance bonuses, following the closure of a fund they were hired to run.
Former PartyGaming chief executive Richard Segal, and Stephen Hill, Betfair's former chief executive, were contracted as consultants in 2006 to manage a £400m 3i fund, investing in mid-cap listed equities.
The fund, which was listed on the London Stock Exchange as 3i Quoted Private Equity, was however shut-down in February 2009, and the duo allegedly informed they would forfeit undisclosed outstanding performance payments.
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