Some of the Masters of the Universe are unhappy with some of their brethren. I've read that some managers are upset with the rating agencies about the Big ShitPile (© Atrios) and now I see that at least one is taking some legal action. Now, will the GOP complain about this being a "frivlolous" lawsuit?
Bear Stearns Sued by Barclays Unit Over Fund Collapse (Update3)
By David Glovin and Yalman Onaran
Dec. 19 (Bloomberg) -- Barclays PLC, the U.K.'s third- biggest bank, sued Bear Stearns Cos. over losses caused by the implosion earlier this year of a hedge fund that invested in subprime mortgages.
Barclays Bank PLC, a unit of London-based Barclays, claimed the New York-based securities firm hid negative financial information about the collapsed fund, according to a complaint filed today in Manhattan federal court. Barclays said it was the ``sole participating shareholder'' of the fund.
The suit, which includes claims of fraud, conspiracy and breach of fiduciary duty, cites a February e-mail to Barclays in which Tannin allegedly said the fund is ``having our best month ever'' and that our ``hedges are working beautifully.''
Thursday, December 20, 2007
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