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Man Group to fight $156m Kuwaiti lawsuit

Man Group to fight $156m Kuwaiti lawsuit

A Kuwaiti state pension fund is suing Man Group, the UK alternative investment manager, in a UK court for $156m.

The Gulf country’s Public Institution for Social Security filed the lawsuit in November, the government-run agency told Reuters in a statement. 

It claimed that Man entered into “secret contracts with a former PIFSS executive between 1996 to 2013.” Its press statement did not provide any further explanation. The Kuwaiti fund could not be reached for comment.

A spokeswoman for Man, which manages about $114bn, said the group would contest the allegations in court. “The subject matter of these allegations dates back over 20 years and, based on the evidence we have seen to date, Man Group will dispute any claim and intends to vigorously and robustly defend any proceedings,” she said.