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Investors running for the exits have caused the closure of one of the largest U.S. short-term funds catering to institutional clients. Columbia Management is shutting its Columbia Strategic Cash Portfolio, it told clients late last week, after facing major withdrawal requests from large investors. The fund, which held $34 billion at the end of November, […]
A Bear Stearns investment fund, significantly impacted by the decline in the subprime mortgage market and facing creditors’ complaints regarding its management, has requested permission from a Delaware judge to dissolve and liquidate its assets. Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund LP, linked to a Cayman Islands-based fund, is seeking to shut down […]
Arbitration claims were filed this week with Financial Industry Regulatory Authority (FINRA). The Bear Stearns hedge fund at issue in the FINRA claims is the Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage (Overseas) Fund. Three weeks ago, Massachusetts Secretary of State William Galvin charged Bear Stearns with improper trading in the failed hedge […]
Federal prosecutors have launched a criminal investigation into two Bear Stearns Cos. mortgage-related hedge funds that collapsed during the summer, according to people familiar with the matter. The U.S. attorney in Brooklyn has made a request to Bear Stearns for information related to the hedge funds, whose failure cost investors $1.6 billion, said these people. […]
The Financial Industry Regulatory Authority (FINRA) announced today that its Board of Governors approved rule amendments designed to limit significantly the number of dispositive motions – more commonly known as motions to dismiss — filed in its arbitration forum and to impose strict sanctions against parties who engage in abusive motions practices. “In many instances […]