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April 18, 2017

Posted  April 18, 2017

In the largest-ever recovery of its kind, New York announced a $40 million settlement with Alabama-based Harbert Management Corporation and top executives at the firm. Harbert Management was the fund sponsor for Harbinger Capital Partners, a $26 billion hedge fund based in New York City (“Harbinger Fund”). The settlement resolves whistleblower allegations that members of Harbinger’s investment manager failed to pay millions in New York State tax on performance income for several years. The settlement is the largest tax-related recovery by the Attorney General’s office, resulting from an action filed under the New York False Claims Act, which was amended to cover tax claims in 2010 in a bill sponsored by then-State Senator Eric Schneiderman. NY

Tagged in: FCA State, Tax Fraud, Whistleblower Case,