Tuesday, 23 September 2014
Last updated 5 hours 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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.