John Paulson Loses Bid to Dismiss Puerto Rico Partner’s Fraud Suit

John Paulson must face a fraud claim by his former Puerto Rico business partner over a $17 million investment in a luxury car dealership, though a federal judge threw out other parts of the lawsuit against the hedge fund billionaire.

US District Judge Camille L. Velez-Rive in San Juan, Puerto Rico, ruled Monday that Fahad Ghaffar could proceed with securities fraud and breach of contract claims against Paulson for allegedly failing to deliver a promised convertible note giving him a 50% stake in the dealership, which was owned by a Paulson family trust.

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