Wednesday, 17 September 2014
Last updated 7 hours ago
Aug 15 2011 | 1:54pm ET
According to Fortress Investment Group, mortgage lender Springleaf Finance Corp. is worth $150 million. But the company could be on the hook for almost half that under a South Carolina state court ruling.
Springleaf, which Fortress bought 80% of from American International Group last year for $125 million, could face damages of as much as $68.7 million. The court ruled late last month that more than 9,000 people were entitled to damages of between $1,500 and $7,500 each under a state law protecting mortgage borrowers.
The court is still to issue a final order, which will include any possible penalties, in the case, which was filed in 1996.
Evansville, Ill.-based Springleaf said it will continue to "vigorously" defend itself against the lawsuit.
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…
The London Whale saga is a twist on the typical rogue trader story as the rogue trader recognized the error of his ways and was prepared to take his medicine but was instructed by superiors to “defe...