Thursday, 21 August 2014
Last updated 12 hours ago
Dec 27 2010 | 2:20am ET
GLG Partners has won the right to appeal a ruling that could cost it—and other clients of Lehman Brothers' prime brokerage—billions of dollars.
The U.K. Supreme Court granted the hedge fund, now part of the Man Group, the right to appeal a lower-court ruling from this summer, that would allow clients whose assets were not properly segregated by Lehman Brothers International to share in the pool. GLG and other clients who assets were properly segregated had won an earlier court battle with a ruling that only those clients with properly ring-fenced money should have access to a US$2.1 billion pool for prime brokerage clients.
GLG was opposed, and defeated in the U.K. Court of Appeal, by another hedge fund, CRC Credit Fund.
The Supreme Court also denied a bid by the Lehman estate to appeal another part of the Court of Appeal ruling.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note