You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #13: Bruised Bear hedge fund investors mull legal action [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-19-07 08:24 AM
Response to Original message
13. Bruised Bear hedge fund investors mull legal action
http://news.yahoo.com/s/nm/bearstearns_hedgefund_dc

NEW YORK (Reuters) - Some aggrieved investors are turning to lawyers to pursue possible legal claims stemming from losses at two Bear Stearns Cos. (NYSE:BSC - news) hedge funds that were virtually wiped out from large, illiquid bets on risky mortgages.

One lawyer who handles cases against financial firms said on Wednesday that he had been retained by two investors in the funds -- a family office and a fund of funds he would not identify -- to explore potential lawsuits.

"They are shocked and angered by the losses," said lawyer Ross Intelisano, of Rich & Intelisano in New York. "They were under the impression that at least for that fund (that they were invested in) that the losses were much milder."

Bear Stearns said in a letter to clients on Tuesday that there was "effectively no value" left for investors in its High-Grade Structured Credit Strategies Enhanced Leverage Fund and "very little value" remaining in the High-Grade Structured Credit Strategies Fund. A copy of the letter was obtained by Reuters.

CNBC reported on Wednesday that Bear Stearns had hired several outside law firms as it braces for investor litigation. It said the Wall Street firm had hired WilmerHale to represent it before the U.S. Securities and Exchange Commission and shareholders, another to represent the board of directors and audit committee and another to represent the funds themselves.

...more...
Printer Friendly | Permalink |  | Top
 

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC