Monday, 20 October 2014
Last updated 3 hours ago
Mar 19 2010 | 9:53am ET
The San Diego County Employees Retirement Association will appeal the dismissal of its lawsuit against collapsed hedge fund Amaranth Advisors.
A federal judge earlier this month tossed the $7 billion pension’s suit against the Greenwich, Conn.-based hedge fund, founder Nicholas Maounis and three of its managers. “Given the sophistication of SDCERA and its investment adviser, and the clear, unambiguous language of the non-reliance provision,” the pension’s claims it was misled are unreasonable, U.S. District Judge Deborah Batts ruled.
“Disclaimers weren’t a license for Amaranth to do whatever it wanted at the expense of its clients,” SDCERA CEO Brian White said. "None of those disclaimers advised us that Amaranth was going to break the law. It was never in our contract that Amaranth could engage in behavior for which they would later be sanctioned by the Federal Energy Regulatory Commission. Disclaimers weren't a license for Amaranth to do whatever it wanted at the expense of its clients."
Last year the FERC and the Commodity Futures Trading Commission approved a settlement in which Amaranth was required to pay more than $7 million for violating anti-manipulation rules.
Amaranth imploded in 2006 after losing some $6 billion on bad natural gas bets. SDCERA lost $85 million of its $175 million investment in the firm.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...