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    Today is Monday, March 22, 2010 at 
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    Posts Tagged ‘New York’

    Appeals Court Affirms Dismissal of Securities Fraud Against Hennessee Group

    Wednesday, August 26, 2009 : Permalink

    — The U.S. Court of Appeals for the Second Circuit has affirmed a district court’s decision that dismissed a securities fraud case against -based investment adviser LLC. In the 36-page opinion issued July 14, 2009, the Second Circuit upheld in its entirety the August 2007 ruling by Judge Colleen McMahon of the U.S. District Court for the Southern District of that dismissed claims of breach of contract and securities fraud in South Cherry Street, LLC. v. . All of South Cherry’s arguments on the appeal were found to be without merit.

    The claims were in connection with Hennessee’s investment advice regarding Bayou Management’s that were uncovered as part of a large Ponzi scheme, for which Bayou’s principals were found guilty of securities fraud in 2005.

    “We are delighted with the Second Circuit’s decision that finds all claims of breach of contract and securities fraud against Hennessee are without merit. Bayou’s Ponzi scheme caused many , but the Court’s decision establishes that Hennessee was not a participant on any level,” said Bennett Falk, Hennessee’s trial counsel and a partner in the and regulatory practice group in the Florida office of Bressler, Amery and Ross, P.C.

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    Moscow Dealer Sues N.Y.C. Gallery Over $3 Million in Paintings

    Wednesday, August 26, 2009 : Permalink

    – Moscow-based art dealer Gary Tatintsian has sued New York’s alleging breach of agreements on $3 million of art by artists George Condo and Richard Prince, according to a complaint filed Aug. 11.

    In April 2008, Tatintsian, one of the first promoters of contemporary Western art in Russia, agreed to pay $2.7 million for 12 new Condo paintings at $225,000 each, according to the complaint filed in New York State Supreme Court in Manhattan. The price reflected a 30 percent discount from Condo’s “minimum retail price” of $325,000, according to the filing.

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    Funds Snapped Up Financial Stocks in 2nd Quarter

    Wednesday, August 26, 2009 : Permalink

    New York Times Blogs – A closely watched report by Goldman Sachs found that hedge funds made an outsize bet on financial stocks in the second quarter, The Wall Street Journal reported.

    The Goldman “Hedge Fund Trend Monitor” said hedge funds increased their ownership in financial stocks by 55 percent to $70 billion, compared with the previous quarter.

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    Citadel fund files $470 mln claim against Lehman

    Tuesday, August 25, 2009 : Permalink

    Reuters – Hedge fund Citadel Investment Group claims it is owed $470.5 million on derivatives contracts it held with Lehman Brothers, according to a claim filed in a New York bankruptcy court last week.

    Citadel, which manages around $12 billion in assets, claims it is owed the money in its Citadel Equity Fund. The filing said the claim was at least partly based on a guarantee, but did not give details.

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    Citadel fund files $470 mln claim against Lehman

    Monday, August 24, 2009 : Permalink

    Reuters – Citadel Investment Group claims it is owed $470.5 million on derivatives contracts it held with Lehman Brothers, according to a claim filed in a New York bankruptcy court last week.

    Citadel, which manages around $12 billion in assets, claims it is owed the in its Citadel Equity Fund. The filing said the claim was at least partly based on a guarantee, but did not give details.

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