On July 8, 2009, a group of investors, including a feeder fund and several charities, accused two hedge funds, Highland Credit Strategies Fund, LP and Highland Credit Strategies Fund, Ltd. (the Funds), their manager, Highland Capital Management (Highland) and affiliated parties of purposefully concealing the high level of redemption requests submitted to the Funds that led to the Funds’ collapse.  This article describes the events that led to the suit and summarizes the legal theories advanced by the investors.