Sunday, 29 March 2015
Last updated 1 day ago
Nov 19 2010 | 6:39am ET
A hedge fund has sued its bank for allegedly waiting too long to close out its options during the financial crisis, causing the fund to lose more than 97% of its value.
Euroption is seeking €200 million from Skandinaviska Enskilda Banken. The British Virgin Islands-based hedge fund said the Swedish bank delayed its exit from its option positions after it took the fund’s portfolio in 2008. The value of Euroption’s portfolio fell from €74 million to less than €2 million in less than 10 days, it said.
“SEB confirms that a former SEB Futures customer has sued the bank and there is an ongoing legal process that will be heard in an English court in the summer of 2011,” SEB said. “SEB denies all claims.”
A spokesman for the bank, Olle Kallemur, told The Times of London, “We always act according to market practice and close positions when the customer doesn’t respond to repeated demands on margin securities.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…