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Last week, an Indiana charity that “makes wishes come true” for children with life threatening illnesses filed arbitration claims over sub-prime related losses it allegedly suffered in a bond fund managed by Regions Morgan Keegan. The Indiana Children’s Wish Find claimed that it lost $48,000 or 22% of its $220,000 investment in the Regions Morgan […]
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 […]
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. These changes aim […]
Three fixed-income funds offered by Morgan Keegan & Co., whose assets have been difficult to price because of the subprime mortgage crisis, still cannot file annual reports, a spokeswoman said on Monday. Morgan Keegan, a unit of Regions Financial Corp., said on Aug. 30 it was seeking a 15-day extension to file the annual reports […]