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Institutional Investor - Bridgewater Fires Back Against Finding
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This article is tangentially related to AI safety topics; it concerns institutional governance and culture at Bridgewater Associates, a hedge fund, and has minimal direct relevance to AI safety or alignment research.
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Importance: 5/100news articlenews
Summary
This article covers Bridgewater Associates' legal and public response to allegations that the hedge fund manufactured false evidence in an employment dispute. The piece details the firm's rebuttal to findings made against it, touching on issues of institutional culture and accountability at one of the world's largest hedge funds.
Key Points
- •Bridgewater Associates disputes a legal or arbitration finding that it fabricated or manipulated evidence in a workplace dispute.
- •The case raises questions about institutional culture and transparency at Bridgewater, a firm known for its unusual management philosophy.
- •The firm's aggressive pushback reflects broader tensions between its public image of radical transparency and internal conduct allegations.
- •The dispute highlights governance and accountability challenges within major financial institutions.
Cited by 1 page
| Page | Type | Quality |
|---|---|---|
| Bridgewater AIA Labs | Organization | 66.0 |
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[Alicia McElhaney](https://www.institutionalinvestor.com/author/alicia-mcelhaney)
Bridgewater Fires Back Against Finding That It ‘Manufactured False Evidence’
Bridgewater said in a Tuesday filing that its trade secrets “reside in the minds” of its senior executives, making them “easily transferrable.”
[Alicia McElhaney](https://www.institutionalinvestor.com/author/alicia-mcelhaney) July 14, 2020
Ray Dalio, founder of Bridgewater Associates.
(Patrick T. Fallon/Bloomberg)
Bridgewater Associates has fired back against [former employees’ claims](https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=IqVHBiSnuEbGinkqG/_PLUS_3Sw==) that an arbitration panel found it “manufactured false evidence.”
Bridgewater, the world’s largest hedge fund firm, argued in a [Tuesday court filing](https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=kxYqdnPV92nXE/tR5EUR3A==) that it shouldn’t have to pay those former employees’ legal fees, which total $1.99 million — despite the arbitration panel’s ruling, which required the firm to pay up.
Those fees are central to a dispute between Bridgewater and two former employees, Lawrence Minicone and Zachary Squire, who launched their own investment firm, Tekmerion Capital Management, nearly four years after leaving the firm.
The arbitration spilled into public view this month after a lawyer for Minicone and Squire filed a court document in early July seeking to “confirm arbitration award in favor” of the two, awarding the two $1.99 million to cover legal fees.
According to Bridgewater, the arbitration panel allegedly initially found that neither side proved its claims. However, a post-hearing briefing from the panel granted Squire and Minicone attorney’s fees, according to Bridgewater’s filing.
Bridgewater says it shouldn’t have to pay up. The firm argued in its Tuesday court filing that its employment contracts say that the only way former employees can be paid attorney’s fees in arbitration is if they successfully claim discrimination.
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