Tuesday, 21 April 2015
Last updated 12 hours ago
Dec 6 2012 | 9:16am ET
JPMorgan Chase is off the hook—again—in the Amaranth Advisors collapse.
The defunct hedge fund, which collapsed six years ago after losing $6 billion on natural gas trades, had accused the bank of defamation, alleging it sabotaged and thwarted Amaranth's deal to sell most of its portfolio to Citadel Investment Group. The hedge fund said that JPMorgan warned Citadel that "Amaranth is not as solvent as they are telling you they are," and then took over the portfolio alongside Citadel.
Unfortunately for Amaranth, a New York State appeals court ruled, it was not as solvent as it said.
JPMorgan's statement was "not defamatory, as it simply expresses an opinion based on information available to all potential parties to the potential fund transaction," the court said. "Furthermore, the statement is substantially true, as there is uncontroverted evidence that JPMC did consider, if only briefly, making a bridge loan to the fund and concluded that it was 'less than creditworthy' and a 'potential preference risk.'"
Amaranth had been seeking to revive the suit, which was dismissed last year by a lower court.
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…