Investor who was never an investment fund partner lacks standing to sue hedge fund managers. A Florida investor brought a putative class action against hedge fund managers over alleged losses on bad investments. The investor, who alleged breach of fiduciary duty, gross negligence and unjust enrichment, contended that his claims are “direct” under Delaware law. The district court dismissed the complaint, determining that the investor lacked standing to sue because he was not a direct investor. The Eleventh Circuit affirmed dismissal, holding that the claims were derivative, not direct, as the investor was never a partner of the investment fund. (2/17/2016) Paulson.