Sunday, 19 April 2015
Last updated 16 hours ago
Oct 22 2012 | 12:27pm ET
Collapsed Australian hedge fund Basis Capital Management will have its day in court against Goldman Sachs.
A New York state judge rejected Goldman's latest attempt to get out from under the $1 billion lawsuit. Basis has accused Goldman of misleading it about the quality of the assets in two collateralized debt obligations, Point Pleasant and Timberwolf. The hedge fund, which had invested US$100 million in Timberwolf and lost more than half of it, pushing it into bankruptcy five years ago, has cited an e-mail in which a Goldman executive referred to Timberwolf as "one shitty deal."
Basis filed a state claim against Goldman last year, after a federal judge dismissed a similar suit. Last week, New York Supreme Court Judge Shirley Werner Kornreich allowed Basis' fraud, negligent misrepresentation, unjust enrichment and recession claims to stand, while dismissing claims of breach of contract and breach of implied covenant of good faith and fair dealing.
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…