{"id":6226,"date":"2007-06-22T00:00:00","date_gmt":"2007-06-22T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"deutsche-bank-hedge-funds-fined-625m","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2007\/deutsche-bank-hedge-funds-fined-625m.html","title":{"rendered":"Deutsche Bank, Hedge Funds Fined E6.25m ($8.3 million)"},"content":{"rendered":"

Financial Times- France\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s financial watchdog has fined Deutsche Bank and four hedge funds a total of \u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac6.25m after an insider trading probe in relation to a bond issue by Vivendi, the French media andtelecoms group. The Autorit\u00c3\u0192\u00c2\u00a9 des March\u00c3\u0192\u00c2\u00a9s Financiers also investigated Vivendi over the affair but said on Thursday that it could find no evidence against the company.<\/p>\n

Vivendi issued convertible bonds worth \u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac1bn in November 2002, part of moves to repair the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s balance sheet.<\/p>\n

It was alleged that Deutsche Bank, which handled the bond issue, had improperly passed on information about the issue to the hedge funds \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 Ferox Capital Management, Meditor Capital Management, UBS O\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2Connor and GLG Partners \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 and that the funds had subsequently used this information to trade in Vivendi shares.<\/p>\n

The AMF found that the funds\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 actions had \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cprocured them an unjustifiable advantage and distorted the functioning of the market\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d.<\/p>\n

It fined Deutsche Bank \u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac750,000; Meditor, UBS O\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2Connor and GLG \u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac1.5m each; and Ferox \u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac1m.<\/p>\n

<\/a><\/p>\n

Read Complete Article<\/a><\/strong><\/p>\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Financial Times- France\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s financial watchdog has fined Deutsche Bank and four hedge funds a total of \u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac6.25m after an insider trading probe in relation to a bond issue by Vivendi, the French media andtelecoms group. The Autorit\u00c3\u0192\u00c2\u00a9 des March\u00c3\u0192\u00c2\u00a9s Financiers […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6226","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=6226"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6226\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=6226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=6226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=6226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}