Friday, 26 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.