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Wall Street Journal
Should investors be allowed to bring class-action lawsuits against brokerages? Discount brokerage Charles Schwab and the Financial Industry Regulatory Authority, or Finra, are in the midst of a dispute over that issue—and it could have wide implications for investors. When investors open brokerage accounts, they’re generally required to agree not to sue the broker. Instead, […]
FINalternatives
Despite tens of millions in payouts and dozens of claims of wrongdoing, the former manager of a family of Citigroup hedge funds that collapsed in 2008 isn’t apologizing. Quite the contrary: Reaz Islam, who managed the highly-levered ASTA/MAT municipal bond hedge funds, wouldn’t do anything differently. According to Islam, speaking out for the first time […]
Business Week
Reaz Islam, who ran Citigroup Inc. (C) hedge funds that lost most of their value in 2008, has “no regrets” about his performance and said “ambulance-chasing” lawyers are behind claims that he and the bank misled clients. Investors in the ASTA/MAT municipal bond funds knew how volatile they were, Islam said in interviews and e-mails […]
New York Times
For baseball — not unfamiliar with scandal and bankruptcies, ugly divorces and criminal trials — this promises to be something new: the owners of a marquee team in federal court to face accusations that they enriched themselves and ran their team with illegitimate profits from one of history’s greatest scams. Imagine, for instance, what jury […]
Wall Street Journal
Four years ago the market for auction-rate securities, an investment touted as safe and liquid, froze up. Four years later, despite various settlements and repayment efforts, many investors are still fighting for the return of their money. All told, about $100 billion from individual and institutional investors remains outstanding in the former $330 billion market, […]