Tuesday, 21 October 2014
Last updated 7 hours ago
Jun 14 2010 | 11:45am ET
Goldman Sachs is adding to its powerful legal team, hiring law firm Boies Schiller & Flexner to defend it against a lawsuit filed by a collapsed Australian hedge fund.
Boies will handle the $1 billion claim from Basis Capital Management, which has accused the Wall Street giant of misleading it about a collateralized debt obligation called Timberwolf, Bloomberg News reports. Goldman has called the lawsuit, which deals with a different CDO from that at the center of the Securities and Exchange Commission’s lawsuit against the firm, “a misguided attempt by basis… to shift its investment losses to Goldman Sachs.”
Basis, which collapsed in 2007 after losing $78 million on the Timberwolf CDO, filed its suit after settlement talks between it and Goldman broke down.
Boies Schiller is one of the U.S.’s most successful litigation firms, and is perhaps most famous for its role in the 2000 election legal disputes on behalf of former Vice President Al Gore. It has also worked for the U.S. Justice Dept. in its antitrust lawsuit against Microsoft Corp. It is currently representing Barclays in litigation stemming from the Lehman Brothers bankruptcy and on an effort to overturn California’s ban on gay marriage.
The law firm joins a whole host of other prominent firms working for Goldman. Both Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom are involved in its defense against the SEC lawsuit, and it worked with O’Melveny & Myers prior to an April hearing before a U.S. Senate subcommittee.
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 ...