Friday, 19 September 2014
Last updated 4 hours ago
Aug 5 2011 | 12:29pm ET
A hedge fund manager's law firm isn't responsible for the bad decisions he made that led to a $20 million judgment against him in favor of his former employer.
A New York State appeals court in Manhattan rejected Russel Bernard's claim that Proskauer Rose gave him bad advice during his departure from Oaktree Capital Management that ended in a $20 million arbitration award against him. Bernard's lawsuit against the law firm was dismissed by a lower court last year.
Bernard's problems, according to the arbitrator, were entirely of his own making. It ruled that Bernard's misappropriation of real-estate opportunities he worked on at Oaktree for his own planned firm constituted "gross negligence" and "willful misconduct" that he failed to tell Proskauer about.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.