Wednesday, 17 December 2014
Last updated 7 hours ago
May 13 2011 | 12:21pm ET
Four hedge funds that had a hand in the Washington Mutual bankruptcy have angrily denied allegations that they traded the defunct bank's shares using confidential information. But most of them seem less-than-interested in being deposed about it.
Executives of Appaloosa Management and Centerbridge Capital Partners have again delayed scheduled depositions—for the third time, the Puget Sound Business Journal reports. The Appaloosa representative, originally scheduled to be deposed in March, won't have to talk to lawyers for WaMu stockholders until May 26. Centerbridge, which was to face the deposition today, will also now do so on May 26.
Barring, of course, further delays.
Shareholders won the right to question the hedge funds, which signed on to WaMu's Chapter 11 bankruptcy plan but refused to renew their support earlier this year, about their trading in WaMu securities; some claim the funds used confidential information they learned during the creation of WaMu's reorganization plan. WaMu sold its banking business to JPMorgan Chase in 2008 after federal regulators seized it.
The shareholders have questioned at least one hedge fund official: A representative of Aurelius Capital Management was deposed last week. Owl Creek Asset Management's deposition is currently scheduled for next week.
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.