Wednesday, 1 April 2015
Last updated 27 min ago
Jul 22 2011 | 12:41pm ET
A U.S. judge has thrown out Australian hedge fund Basis Capital Management's lawsuit against Goldman Sachs, ruling that Basis didn't prove that the collateralized debt obligation transactions in question took place in the U.S.
Citing a U.S. Supreme Court decision last year barring the use of U.S. securities laws by foreign buyers of non-U.S. securities, U.S. District Judge Barbara Jones ruled that Basis failed "to provide sufficient facts that allow the court to draw the reasonable inference that the purchase or sale was made in the United States." Goldman claims that the CDOs were sold in the U.K.; Basis has called it a New York transaction.
Jones gave Basis 30 days to file a new complaint with evidence that the transaction took place in the U.S. The hedge fund's lawyer said it intends to do just that.
"We are confident the sale of Timberwolf took place in New York," Eric Lewis said.
Basis collapsed four years ago due to losses suffered on the Timberwolf CDO. The hedge fund was seeking more than $1 billion, accusing Goldman of misleading it about the quality of the assets in the CDO, and providing evidence that an executive at the bank had called the CDO, "one shitty deal."
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…