Monday, 20 October 2014
Last updated 3 days ago
May 20 2011 | 8:51am ET
A California appellate court has cleared the way for a class action against Countrywide Financial, a company whose name is synonymous with the mortgage-backed securities at the heart of the 2008 financial crisis.
The court reversed a 2010 state court decision dismissing claims against Countrywide, a Bank of America unit, on the grounds that the case should have been brought in a federal, not a state court.
On appeal, investors argued that the state court had improperly interpreted portions of the Securities Act allowing investors to file class actions asserting claims in state court. The appellate panel agreed, reversing the lower court's decision in its entirety, allowing the class action to proceed.
Investor David Luther, a number of pension funds and other institutions sued Countrywide alleging the lender issued mortgage-backed securities between 2005 and 2007 with false and misleading statements as stipulated under the federal Securities Act of 1933.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...