Sunday, 29 November 2015
Last updated 1 day ago
Jan 27 2014 | 1:05pm ET
Goldman Sachs will have to face all of the investors in a pair of collateralized debt obligations at once, a federal judge has ruled.
U.S. District Judge Victor Marrero in Manhattan last week rejected Goldman's bid to block class-action status for the lawsuit, which is led by hedge fund Dodona I. The judge said that Goldman failed to show that "difference in this proceeding distinguish the proposed class from any other securities class action." In addition, barring a class-action would "risk disparate results" and would be "a particularly inefficient use of judicial resources."
Dodona alleges that Goldman misled investors in the Hudson Mezzanine CDOs. The hedge fund accuses the bank of creating the instruments knowing that the subprime mortgages behind them were in trouble, to reduce its own risk.
Goldman, which has denied any wrongdoing, had complained that "the proposed class is rife with differences, idiosyncracies and conflicts," and that each claim against the bank should "be asserted independently."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…