Tuesday, 23 September 2014
Last updated 3 hours ago
Nov 14 2008 | 2:00am ET
An ex-hedge fund manager may not get $1.8 million from his former employer because of a legal technicality.
Last year, Paul Bottum won a $1.83 million judgment against Jundt Associates after a Minneapolis court ruled that Jim Jundt—the former owner of the National Football League’s Minnesota Vikings—and his son Marcus failed to make good on a promise of a $1 million bonus for each year Bottum’s hedge fund topped the Standard & Poor’s 500 Index. But the Minnesota Court of Appeals has sent the case back to the lower court, ruling that Bottum may have failed to file his lawsuit before the statute of limitations expired.
Jundt Associates, which is no longer run by the Jundt family, had appealed the lower court ruling, arguing that Bottum had missed the three-year statute of limitations. The bonuses in question would have been for 2000 and 2003.
The Court of Appeals did not overturn the award precisely, but did rule that the lower court’s “findings and conclusion are inadequate” to determine when, exactly, the statute of limitations started ticking.
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 McKitich, CIO of Petty 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…
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.