{"id":7235,"date":"2008-03-04T00:00:00","date_gmt":"2008-03-04T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"citigroup-wachovia-face-hedge-fund-lawsuits","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2008\/citigroup-wachovia-face-hedge-fund-lawsuits.html","title":{"rendered":"Citigroup, Wachovia face hedge fund lawsuits"},"content":{"rendered":"<p>Reuters- <span class=\"yshortcuts\">Citigroup Inc<\/span> (C.N) and <span class=\"yshortcuts\">Wachovia Corp<\/span> (WB.N) are facing separate lawsuits filed in a U.S. Federal court in <span class=\"yshortcuts\">New York<\/span> by a small fund, the <span class=\"yshortcuts\">Wall Street Journal<\/span> reported on Tuesday. <\/p>\n<p>The suit claims that the banks each improperly required the fund to pay out more money from insurance derivatives contracts known as <span class=\"yshortcuts\">credit default swaps<\/span> amid a decline in the value of the mortgage-backed bonds, said the Journal.<\/p>\n<p>Both suits were filed last month by VCG Special Opportunities Master Fund Ltd, a <span class=\"yshortcuts\">Florida<\/span> hedge fund with $58 million in capital.<\/p>\n<p><span class=\"yshortcuts\">Citigroup<\/span> and Wachovia were not immediately available for comment.<\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/us.rd.yahoo.com\/dailynews\/rss\/business\/*http:\/\/news.yahoo.com\/s\/nm\/20080304\/bs_nm\/citigroup_wachovia_dc\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters- Citigroup Inc (C.N) and Wachovia Corp (WB.N) are facing separate lawsuits filed in a U.S. Federal court in New York by a small fund, the Wall Street Journal reported on Tuesday. The suit claims that the banks each improperly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7235","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7235","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=7235"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7235\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}