LONDON (Reuters) -An investment fund has filed a lawsuit in London against commodities broker and financial group Marex, alleging it used confidential information from the fund to support its own
Investment Fund Files Lawsuit Against Marex for Confidential Info Misuse
Legal Action Against Marex Group
LONDON (Reuters) -An investment fund has filed a lawsuit in London against commodities broker and financial group Marex, alleging it used confidential information from the fund to support its own trading position, according to a court filing.
Details of the Lawsuit
London-based Marex Group plc declined to comment on the legal action.
Background of Ocean Freight Fund
A court filing on August 7 by lawyers for Ocean Freight Trident Offshore Master Fund Limited against Marex said exact damages would be specified in the future, but would be at least 10 million pounds.
Marex's Response to the Allegations
The court document said the fund, registered in the Cayman Islands, opened an account with Marex in April 2024 and deposited $30 million, adding $12 million to the account between June and November.
Marex liquidated the fund's entire positions in November 2024, the lawsuit said, without giving details of the positions.
"In doing so as it did, the defendant purported to exercise its powers for the improper and collateral purpose of supporting its own proprietary trading position, adopted with the benefit of information that was confidential," the court filing said.
John Hahn is chief investment officer and president of the manager of the fund, Ocean Freight Capital Management LLC, which is based in the U.S., it added.
LinkedIn shows Hahn is based in Los Angeles and runs Ocean Freight Exchange, an AI platform for the shipping industry.
Hahn previously worked for commodity traders Noble Group and Louis Dreyfus Company, LinkedIn showed. Hahn did not immediately respond to a request for comment.
(Reporting by Eric Onstad; Editing by Paul Simao)
