Hedge fund billionaire John Paulson responded to a federal lawsuit filed by his longtime business associate in Puerto Rico, Fahad Ghaffar, calling it frivolous, false and “utterly without merit.”

Paulson said in a court filing that Ghaffar’s lawsuit had the “sole intent of gaining media attention to capriciously defame,” and came after Ghaffar was terminated because of evidence he engaged in a “massive criminal enterprise permeating nearly every aspect of Paulson’s businesses in Puerto Rico.”

Up Next

Hedge Fund Billionaire John Paulson Seeks Dismissal of ‘Frivolous’ Puerto Rico Lawsuit