Tuesday, 30 September 2014
Last updated 1 hour ago
Feb 12 2009 | 3:32am ET
Barclays has settled its lawsuit with the late Bear Stearns over its losses in a hedge fund that famously collapsed two years ago, sending the august investment bank on the road to extinction.
The British bank has reached an agreement on the suit, the Financial Times reports, although neither Barclays nor JPMorgan Chase, which took over the collapsing Bear last year, would comment. The terms of the settlement are unclear.
Barclays had accused Bear of fraud, conspiracy and breach of fiduciary duty. The lawsuit, filed in December 2007, alleges that Bear and the High-Grade Structured Credit Strategies Enhanced Leverage Master Fund’s managers, Ralph Cioffi and Matthew Tannin, lied about the fund’s performance. Both Cioffi and Tannin have been charged by federal prosecutors with fraud and conspiracy.
The Enhanced Leverage fund and its less-levered sister fund collapsed in the summer of 2007 after suffering huge losses in the subprime mortgage market. Barclays, the sole investor in the Enhanced Leverage fund, could lose as much as $950 million.
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...