Friday, 29 August 2014
Last updated 8 hours ago
Apr 16 2013 | 1:17pm ET
A federal judge slapped down the court-appointed trustee in the Bernard Madoff case, blocking his bid to stop a settlement between New York State and a major Madoff feeder fund manager.
U.S. District Judge Jed Rakoff said Irving Picard waited too long before moving to prevent New York Attorney General Eric Schneiderman's lawsuit against J. Ezra Merkin. That suit was settled for $410 million last year.
"The trustee unreasonably and inexcusably slept on his rights," Rakoff ruled, noting that the delay hurt Merkin, his investors and the New York State courts.
"The trustee, however, having for more than three years issued empty threats to seek a halt to the attorney general's suit, has lost his right to complain," Rakoff wrote. "Even on the merits, moreover, his bluster proves to be without substance."
Picard, who is seeking $500 million from Merkin, said he would appeal Rakoff's decision, which a spokeswoman called "incorrect and contrary to law."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...