Friday, 31 October 2014
Last updated 13 hours ago
Jun 4 2013 | 11:40am ET
A longtime SAC Capital Advisors adversary is kicking the $15 billion hedge fund while it's down.
Fairfax Financial Holdings has asked a New Jersey appeals court to reinstate its racketeering lawsuit against the hedge fund, which is facing billions in redemptions and possible criminal charges stemming from a separate investigation into insider-trading. SAC won the dismissal almost two years after a lower court found there was "no direct evidence of any sort of conspiracy involving SAC to take down Fairfax."
The Canadian insurer had sued a raft of hedge funds, alleging they conspired with brokerage Morgan Keegan to drive the company's share price down. All but one of the hedge funds won dismissals of the claims against them.
In its appeal, Fairfax said that the lower-court judge erred in dismissing based on SAC's trading records, arguing that "hotly contested questions of material fact" are the province of a jury.
"The trial court thoroughly rejected Fairfax's claims, and we are confident its decision will be upheld," SAC said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.