Wednesday, 1 April 2015
Last updated 22 min ago
Mar 20 2012 | 1:03pm ET
The brokerage alleged to have conspired with hedge funds to drive down the share price of Fairfax Financial Holdings will have to defend itself, a judge ruled.
New Jersey Judge Stephan Hansbury rejected Morgan Keegan's dismissal bid, saying that "there's more to this case than the statements made in a couple of reports." Hansbury's ruling is a rare legal victory for the Canadian insurer, which has seen its once-sprawling case whittled down, including the dismissal of claims against SAC Capital Advisors, Third Point and Kynikos Associates.
Hedge fund Exis Capital Management remains a defendant in the $8 billion racketeering lawsuit, which was filed in 2006. A trial is scheduled for September.
"It seems to me an innocent truthful statement could be part of the conspiracy," Hansbury ruled.
Morgan Keegan said that it would file another motion to dismiss before the trial.
Fairfax has accused Morgan Keegan and the hedge funds of conspiring to drive down its share price and engaging in insider-trading.
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
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