Friday, 27 March 2015
Last updated 37 min ago
May 16 2014 | 10:56am ET
A defunct hedge fund has to seek its money back from the firm that sold it mortgage-backed securities, rather than the bank that issued them, a federal appeals court ruled.
The U.S. Second Circuit Court of Appeals yesterday upheld an injunction against Turnberry Capital Management barring it from bringing a $13 million claim against SunTrust Banks before a Financial Industry Regulatory Authority arbitration panel. The appellate judges agreed with the lower court that Turnberry was not a customer of SunTrust, but of Raymond James Financial, which sold the MBS.
A lawyer for Turnberry, which closed its doors in 2008, said it was "disappointed" by the ruling but that it would pursue arbitration against Raymond James.
Last year, U.S. District Judge Naomi Reice Buchwald ruled that Turnberry could arbitrate only with firms from which it directly received goods or services.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…