It emerged last week that a unit of one of Europe's leading insurers, AXA, and the University of Montreal's pension fund have filed lawsuits against the directors of the Lancer Offshore hedge fund and its auditor, PricewaterhouseCoopers.
According to reports in the US media, the institutions claimed on Friday that they have lost $15 million and $67 million respectively as a result of fraudulent trading practices employed by the fund, and have filed suits seeking unspecified damages in New York
Earlier this year, the Securities and Exchange Commission filed a complaint with Florida's Southern District Court, alleging that Lancer's principal, Michael Lauer, had systematically manipulated month-end closing prices of securities held by Lancer hedge funds in order to overstate their value. Other defendants in the case include Lancer Offshore, Lancer Partners, Omnifund Ltd, LSPV Inc, and LSPV LLC.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment