Sunday, 19 April 2015
Last updated 17 hours ago
Sep 14 2012 | 12:16pm ET
The Baupost Group has acknowledged that it is behind a year-old lawsuit that seeks to force a former Bear Stearns unit to buy back more than 1,000 mortgages.
The hedge fund's direction of the litigation, which is filed in the name of the Law Debenture Trust Co. of New York and does not name Baupost, was revealed in an Aug. 15 status report on the litigation, which notes that "the directing certificateholders are the Ashford Square Entities, which are wholly-owned by subsidiaries of funds managed by the Baupost Group."
A lawyer for the Boston-based hedge fund told Reuters that Baupost is indeed behind the litigation. An amended complaint, increasing the number of mortgages that Baupost wants EMC, now a subsidiary of JPMorgan Chase, to buy back from more than 8,000 to more than 1,100, was filed earlier this month.
Baupost alleges that EMC routinely breached representations and warranties made about underlying mortgage loans. According to the amended complaint, 88% of the 1,500 mortgages in a pool were in breach.
EMC has offered to buy back only 54 of the mortgages in question.
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…