Thursday, 2 October 2014
Last updated 59 min ago
Oct 7 2008 | 11:37pm ET
Legendary Texas oilman T. Boone Pickens and four of his hedge funds have sued a Lehman Brothers division for breach of contract.
Pickens and his BP Capital filed suit in New York State Supreme Court in Manhattan, alleging that Lehman Brothers Commodity Services broke a default agreement by failing to return collateral. Pickens and the hedge funds are seeking $59.9 million.
According to the complaint, Pickens—whose funds have lost about $1 billion this year while he leads a campaign for increased alternative energy use in the U.S.—and his firm sent termination letters to LBCS on Sept. 23, a week after Lehman filed for bankruptcy but before the commodity division filed itself. The suit is the second such action taken against LBCS, following a $500 million suit filed by Bank of America last month.
“The notices of termination specified Lehman Holdings’ bankruptcy filing as the relevant event of default,” the complaint alleges. “Defendant has failed to pay the amounts due.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...