Thursday, 18 September 2014
Last updated 7 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.