Wednesday, 27 May 2015
Last updated 6 hours ago
Jul 3 2007 | 11:19am ET
When Archeus Capital Management told investors last year that it was shutting down, it blamed its administrator, GlobeOp Financial Services, for its collapse. Now, it wants GlobeOp to share its pain.
New York-based Archeus filed suit late yesterday against GlobeOp, accusing the Harrison, N.Y.-based firm of “colossal failures” in trade reconciliation. Archeus, which saw its asset base shrink from $3 billion to about $700 billion in the 18 months before it decided to close in October as investors fled, is seeking $465 million in damages.
GlobeOp’s planned initial public offering on the London Stock Exchange would raise less than a quarter of that total—just $104 million.
“GlobeOp acted with reckless indifference to the rights of Archeus, the Animi Funds and their investors in a manner that smacked of intentional wrongdoing,” the hedge fund said in its lawsuit, filed in New York State Supreme Court in Manhattan. “GlobeOp pushed the Animi Funds into a ‘death spiral’ from which they could never recover.”
A spokesman for GlobeOp declined to comment on the lawsuit.
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…