Wednesday, 23 July 2014
Last updated 13 hours ago
Jun 13 2008 | 2:00am ET
Barclays has filed an amended lawsuit against Bear Stearns, to take into account new revelations since Bear’s collapse and its subsequent takeover by JPMorgan Chase.
The British banking giant in December sued Bear for fraud, conspiracy and breach of fiduciary duty, accusing the Wall Street firm of lying about the performance of its High-Grade Structured Credit Strategies Enhanced Leverage Master hedge fund. That fund was one of two Bear hedge funds that collapsed last summer under the weight of the credit crisis.
Barclays' amended lawsuit was filed last week with Manhattan federal court. The bank is trying to recoup losses and recover damages from Bear and Bear Stearns Asset Management, as well as former fund managers Ralph Cioffi and Matthew Tannin.
The amended suit does not name JPMorgan as a defendant.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…