Friday, 22 August 2014
Last updated 3 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note