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Durus Hedge Fund Settles with Company for US$5.1 M

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WESTMINSTER, Colo. (HedgeWorld.com)–Durus Life Sciences Master Fund Ltd. and its manager Durus Capital Management, Norwalk, Conn., settled claims with a biotechnology company it had invested in by paying the company, Allos Therapeutics, US$5.1 million, according to a statement from Allos.

Allos is one of four companies in which Durus allegedly purchased large enough amounts that mandatory regulatory filings should have been filed by Durus but weren’t. Durus has been sued by the other three firms, Esperion Technologies Inc., Ann Arbor, Mich., Aksys Ltd., Lincolnshire, Ill., and Novoste Corp., Norcross, Ga. .

According to a report on TheStreet.com, Durus Principal Scott Sacane is losing control of the firm, with new directors being appointed by Durus fund investors. Mr. Sacane could not be reached for comment.

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