Statement By Bridgewater's Dalio On Philanthropy lawsuit: UPDATE

WESTPORT, CT — Dalio Philanthropies, the charity foundation started by Westport-based Bridgewater Associates' founder Ray Dalio and his wife, Barbara Dalio, has been hit with a lawsuit over the organization's recent education efforts in Connecticut, reports Fox Business.

In 2019, the Greenwich residents' foundation pledged $100 million to help Connecticut education, but a year later the Partnership for Connecticut effort was dissolved amid controversy over a lack of transparency and other problems, wrote CT Mirror.

Now the former head of that effort, Mary Anne Schmitt-Carey, has filed a multi-million-dollar lawsuit against the Dalio's foundation, claiming her contract was breached, and she was defamed and unfairly made a scapegoat by the Dalio's foundation for the education effort's failure.

A spokesperson for Dalio Philanthropies said its side in the case has yet to come out.

"Anyone can make outlandish accusations," the spokesperson told Patch in an email. "The evidence will be presented and judged fairly following the legal process. That is when the truth will come out."

Read the Fox Business story.