Fritz Hollings Wants His Money Back

Embattled hedge fund manager Kenneth Lipper has more to worry about than piquing the wrath of celebrity investors like Julia Roberts and Matt Lauer -- he's got a U.S. senator breathing down his neck.

The trustee of Sen. Ernst "Fritz" Hollings' blind trust is suing Lipper over the collapse of Lipper's onetime $4 billion hedge fund business, seeking to recoup the $116,000 the trust allegedly stands to lose on its investment. The senator also is suing PricewaterhouseCoopers, the big accounting firm that audited the books for Lipper & Co.

Hollings, a South Carolina Democrat who unsuccessfully ran for president in 1984 and is the ranking minority member on the Senate Commerce Committee, has been an investor in the Lipper Convertibles fund -- the biggest of Lipper's three hedge funds -- since 1993. ...