Thursday, 2 October 2014
Last updated 12 min ago
Mar 11 2010 | 3:25pm ET
Hedge fund VCG Special Opportunities Master Fund has lost its bid to force a Citigroup broker-dealer division into arbitration over claims that the bank “suckered” the hedge fund into losing more than $18 million on credit-default swaps.
A federal appeals court denied VCG’s bid to overturn a lower court decision that held Citigroup Global Markets was not a party to VCG’s lawsuit. The hedge fund accuses another Citi unit, Citibank, of violating the CDS agreement, leaving VCG on the hook for $10 million when Citibank wrote down the assets in the CDS.
According to VCG, Citibank downplayed the risk involved in the derivatives, as well as charging “far in excess of what Citibank actually required.” VCG also sued Wachovia.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...