Sunday, 28 December 2014
Last updated 4 days ago
Aug 29 2011 | 1:24pm ET
Four hedge funds accused of insider-trading in Washington Mutual debt await—along with their accusers, the former bank and all others with an interest in the WaMu bankruptcy—the ruling of a judge to see what, if any, repercussions those allegations will have.
U.S. Bankruptcy Judge Mary Walrath in Wilmington, Del., told all sides last week that she was "a long way toward an opinion" on whether to approve WaMu's bankruptcy plan. She almost did so in January, finding the plan fair and reasonable, but withheld her approval after some WaMu shareholders accused the four hedge funds of insider-trading.
Both WaMu and the hedge funds have dismissed those allegations as a "carney show."
During last week's hearing, a lawyer for one of the hedge funds, Aurelius Capital Management, argued that Walrath would have to make a finding of fraud and rule that the hedge funds had a fiduciary duty to other creditors and investors to prevent them from being repaid the $1 billion they are owed.
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.