Ritchie Capital Dismisses Action Against Benchmark Plus

Business Wire,  June 25, 2008  

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LISLE, Ill. -- Ritchie Capital Management, L.L.C. has dismissed a complaint it brought against funds managed by Benchmark Plus Management, LLC in the Chancery Division of the Circuit Court of Cook County, Illinois. Ritchie Capital had commenced the action on behalf of the Ritchie Multi-Strategy Fund to recover for damages to its investors caused by breaches of the confidentiality and non-disparagement provisions of the governing documents of the Fund.

Benchmark Plus has acknowledged that it has received all payments and information about the Fund to which they are entitled under the operative agreements of the Fund. Both parties have agreed to drop all existing and further litigation.

Robert Ferguson, Principal of Benchmark Plus, said, "We are pleased that the communication channels between Ritchie and Benchmark Plus have been re-established. Benchmark is supportive of Ritchie Capital's continued management of the Multi-Strategy Fund and applauds its recent actions of having an independent expert verify the relevant books and records of the Fund. Benchmark has terminated its relationship with Winston & Strawn and looks forward to cooperating with Ritchie Capital as it continues to maximize the value of the Multi-Strategy Fund."

"We are pleased to put this episode behind us as we can redouble our efforts to maximize value for our investors, including by holding Coventry First responsible for the losses the Fund suffered as a result of the New York Attorney General's action against Coventry for fraudulent bidding practices and Coventry's failure to disclose the investigation to Ritchie Capital," said Thane Ritchie, Chief Executive Officer of Ritchie Capital.

About Ritchie Capital

Ritchie Capital is a diversified alternative asset management firm established in 1997 with interests in hedge funds, private equity, venture capital, insurance, energy and real estate and with offices in Lisle, IL, New York, NY and Menlo Park, CA.

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