Tuesday, 28 April 2015
Last updated 14 hours ago
Oct 7 2010 | 1:05pm ET
New York-based hedge fund QVT Financial is back in court, suing a Commerzbank unit over profit-dependent securities.
The hedge fund alleges that Eurohypo, Commerzbank’s property-lending unit, failed to pay $68 million due on the $1.2 billion in profit-dependent securities issued by two Eurohypo trusts. Eurohypo argues that it took a loss on the securities and therefore doesn’t have to pay.
Au contraire, retorts QVT. Commerzbank agreed to compensate the unit for losses, so it should pay up anyway.
“Having reaped the benefits associated with raising capital from U.S. investors, the defendants now are unwilling to live up to their obligations,” QVT alleged in its lawsuit, filed in Delaware state court.
QVT said, “as payments are due on participation securities issued by Eurohypo AG, Eurohypo is contractually required to make payments to the trusts and on the trust securities.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…