Thursday, 24 July 2014
Last updated 20 min ago
Nov 2 2006 | 11:46am ET
New York-based Sandell Asset Management is sweating after receiving a Wells notice targeting the firm and several top executives. According to a letter sent to investors, the $7 billion New York hedge fund stands accused of naked short-selling of Louisiana bank Hibernia Corp.’s shares. The alleged short-sales occurred in the aftermath of Hurricane Katrina.
The letter said that the Securities and Exchange Commission “intends to recommend the commencement of proceedings” against Sandell and several executives, reportedly including Sandell founder Thomas Sandell, though the letter did not identify any individuals.
Sandell, in the letter, said it “[disputes] several of the commission’s assertions,” but that it is “continuing to work with the staff the resolve this matter.”
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…