Monday, 22 December 2014
Last updated 9 hours 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.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.