AlphaQuest asks judge to toss investor suit, calls it ‘tantrum’

AlphaQuest filed a motion in New York on Monday asking a judge to dismiss a lawsuit brought by Dutch investor Wiet Pot and foundation Stichting QSV Beheer. The fund asks the court to throw out claims that it breached a preferred shareholder agreement during its recent wind-down.

The suit centers on QSV’s $45 million stake in AlphaQuest, a quantitative hedge fund that managed about $2 billion before announcing its closure in February. QSV argues it was promised priority repayment as a preferred shareholder and that the fund converted its preferred equity into common shares, leaving QSV with an offer of roughly $2.7 million.

In court papers, QSV cites emails from founder Nigol Koulajian in early February. One message on Feb. 9 reportedly acknowledged that a senior trader had been executing trades without Koulajian’s approval. A Feb. 15 email is said to state that Koulajian had “lost control” over certain investment decisions. QSV says Koulajian later indicated the foundation would receive its investment back after liquidation costs, which he estimated at between $17 million and $20 million.

AlphaQuest’s filing disputes QSV’s account. The fund says the investment documents allowed automatic conversion of preferred shares into common stock and that the conversion and distribution followed the contract terms. The motion argues informal email comments cannot override explicit contractual provisions.

The filing also describes the lawsuit as an attempt to obtain more than the investment documents provide, calling the litigation a “tantrum by a billionaire.” AlphaQuest’s lawyers contend QSV has no contractual basis for the preferential treatment it seeks.

Lawyers for Stichting QSV Beheer declined to comment on AlphaQuest’s motion. Wiet Pot, named in the complaint as the foundation’s investment adviser, could not be reached for comment.

AlphaQuest said it decided to wind down after three consecutive years of losses. The fund reported a 15.2% decline in 2025 and was about 30% below its October 2022 peak at the time it announced the closure. The strategy used computer-driven models to trade futures across currencies, commodities, equities and fixed-income indexes.

The case will proceed in New York, beginning with the judge’s review of AlphaQuest’s motion to dismiss. The motion asks the court to reject claims that the fund breached the preferred shareholder agreement or treated QSV’s investment improperly during the wind-down.