Saturday, 25 October 2014
Last updated 14 hours ago
Sep 28 2007 | 12:50pm ET
A judge has streamlined a $4.4 billion lawsuit filed by a defunct hedge fund against its legal counsel, but has allowed it to go forward.
New York Supreme Court Justice Bernard Fried dismissed five of 11 claims against Akin Gump Strauss Hauer & Feld filed by the principals of the Veras series of funds, but gave the go-ahead to a fraud claim.
James McBride and Kevin Larson of Veras accused Akin Gump of advising that late-trading mutual funds was legal. Unfortunately for McBride and Larson, then-New York Attorney General Eliot Spitzer disagreed: Veras Investment Partners, which once managed $1 billion, wound up paying $36 million in penalties and went out of business. McBride and Larson were each hit with a $750,000 fine, and were barred from the securities industry.
The fraud claim against Akin Gump alleges the firm concealed conflicts of interest.
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.