Wednesday, 27 August 2014
Last updated 4 hours ago
Apr 2 2007 | 9:58am ET
The National Football League won’t kick off its 2007 season until September, but it still has to play ball in court.
A federal judge in Atlanta refused to dismiss a lawsuit against the NFL and NFL Players Association stemming from International Management Association hedge fund fraud, which allegedly lost several high-profile former and current players a total of $20 million.
Those players, including Steve Atwater and Carlos Emmons, say that the NFLPA put Wright’s firm on a list of approved investments, in spite of liens against him. The union and the league had argued, under the NFL’s collective bargaining agreement, that the players are responsible for their own finances. Barring that, the adversaries-turned-codefendants claimed that the agreement requires the dispute to go to arbitration.
But Judge Julie Carnes in Atlanta said she would allow the case to proceed to trial.
She wrote, “Because the court cannot determine at this time whether the union agreed to expand the rights and duties it owed to plaintiffs under the collective bargaining agreement, the court will not dismiss plaintiff’s allegations at this stage.”
Wright has already been slapped with $20 million in disgorgements and civil penalties and is currently awaiting trial for fraud. He allegedly defrauded investors out of $185 million.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...