Starting around 2010, hedge fund manager Platinum Partners lent the reseller of electricity and natural gas tens of millions of dollars, and then took at least a 20 percent equity stake in the fast-growing company. Platinum’s Value Arbitrage fund, meanwhile, gained 9.4 percent, far ahead of its sector average of 2.46 percent.
New York City's largest public pension is exiting all hedge fund investments in the latest sign that the $4 trillion public pension sector is losing patience with these often secretive portfolios at a time of poor performance and high fees. The board of the New York City Employees Retirement System (NYCERS) voted to leave blue chip firms such as Brevan Howard and D.E. Shaw after their consultants said they can reach their targeted investment returns with less risky funds. The move by the fund, which had $51.2 billion in assets as of Jan. 31, follows a similar actions by the California Public Employees' Retirement System (Calpers), the nation's largest public pension fund, and public pensions in Illinois.
HOLLIDAYSBURG, Pa. (AP) — The Latest on a Pennsylvania hearing in the case of three former Franciscan leaders charged with child endangerment for allegedly knowing a friar had been accused of molesting more than 100 children (all times local):
NEW YORK (AP) — A manslaughter conviction against a former police officer who accidentally shot an unarmed man in a public housing project stairwell will stand, a judge decided Thursday, ruling that a juror didn't intentionally withhold information about his father's criminal history during jury selection.
COLUMBUS, Ohio (AP) — The man charged in the death of an Ohio police officer gave up his right to an initial court hearing, a prosecutor said Thursday, giving both sides more time to research the case, including whether the death penalty is appropriate.
DENVER (AP) — Police and federal agents arrested more than 40 people and seized piles of pot plants and elaborate growing equipment Thursday during raids of homes and warehouses throughout the Denver area, part of a multi-state investigation into the illegal distribution of marijuana outside Colorado.
An elected official of a New York City suburb was charged on Thursday with defrauding investors who helped finance a controversial minor league baseball stadium, in what authorities called the first criminal securities fraud prosecution involving municipal bonds. Christopher St. Lawrence, the elected supervisor of Ramapo, New York, was charged in an indictment with securities fraud, wire fraud and conspiracy, as was N. Aaron Troodler, a former executive director of the non-profit Ramapo Local Development Corp.
HOLLIDAYSBURG, Pa. (AP) — Records from a Franciscan religious order show three former leaders knew a friar had been accused of child sex abuse before he was allowed to work at a high school and other jobs where he was later accused of molesting more than 100 children, an investigator testified Thursday.
HOUSTON (AP) — Investigators questioned a man Thursday fitting the description of a gunman who authorities say ambushed a Texas deputy constable from behind following a traffic stop and critically injured him.