A class action was filed today in the U.S. District Court for the District of Massachusetts on behalf of purchasers of all classes of shares of the Evergreen Ultra Short Opportunities Fund (Evergreen Ultra-Sht;A, Evergreen Ultra-Sht;B, Evergreen Ultra-Sht;C, Evergreen Ultra-Sht;I (the “Ultra-Short Opportunities Fund” or the “Fund”) who purchased or otherwise acquired shares of the […]
Federal regulators are investigation whether Bear Stearns hedge fund managers withdrew money from the now bankrupt funds shortly before the funds froze investor redemptions. The Securities and Exchange Commission and United States Attorney are investigating reports that Ralph Cioffi, the Bear Stearns hedge fund manager, withdrew $2 million of his $6 million investment and invested […]
Columbia Management, a unit of Bank of America Corp., has closed its Strategic Cash Portfolio amid losses on asset-backed securities. According to the Wall Street Journal, the fund is currently valued at $12 billion, down from $40 billion just months ago. Bank of America closed this fund just weeks after announcing that it had set […]
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 hurt by the decline in the subprime mortgage market and facing creditors’ complaints about its management asked a Delaware judge to allow it to dissolve and liquidate its assets. Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund LP was linked to a Cayman Islands-based fund shutting down because of […]