The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
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Mar 26 2014 | 1:34pm ET
Paulson & Co. made billions betting against mortgage-backed securities. Now, it’s hoping to make billions more suing the banks that issued them.
The New York-based hedge fund has acquired a “significant” minority stake in ResCap Liquidating Trust, which took over the claims from subprime mortgage firm Residential Capital. Paulson was a major creditor of ResCap.
Paulson has one of the five seats on the board of the trust, which has filed lawsuits totaling $9 billion. The hedge fund acquired its first stake in the trust by forgiving debt, and the rest in December, buying it from MBIA.