{"id":9732,"date":"2009-01-27T00:00:00","date_gmt":"2009-01-27T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"royal-bank-of-canada-sued-over-failed-hedge-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2009\/royal-bank-of-canada-sued-over-failed-hedge-funds.html","title":{"rendered":"Royal Bank of Canada Sued Over Failed Hedge Funds"},"content":{"rendered":"<p>Bloomberg &#8211; Royal Bank of Canada, the country&rsquo;s biggest bank by assets, was sued by investors in Olympus United Funds who claim they lost more than $90 million in the funds&rsquo; collapse. <\/p>\n<p>Royal Bank, based in Toronto, &ldquo;secretly managed&rdquo; the funds, according to a complaint filed Jan. 23 in U.S. District Court in Manhattan. The funds&rsquo; parent company Norshield Financial Group filed for receivership in June 2005 amid probes by securities regulators. <\/p>\n<p>&ldquo;In its dealings and relationships with Norshield, Royal Bank of Canada assumed control of investments, exercised discretion in key areas and thus became liable for my clients&rsquo; losses,&rdquo; Lee Squitieri, a lawyer for the investors, said in an interview. <\/p>\n<p><strong><a title=\"Read Complete Article\" href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601082&#038;sid=alyDLhp7PTYQ\" target=\"_blank\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; Royal Bank of Canada, the country&rsquo;s biggest bank by assets, was sued by investors in Olympus United Funds who claim they lost more than $90 million in the funds&rsquo; collapse. Royal Bank, based in Toronto, &ldquo;secretly managed&rdquo; the [&hellip;]<\/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":[4439,6496,64,1302,6499,487,1482,6497,124,129,327,6500,6498,852,2369,45,6501,6493,6495,6494],"class_list":["post-9732","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-assets","tag-bank-of-canada","tag-bloomberg","tag-collapse","tag-discretion","tag-financial-group","tag-investments","tag-key-areas","tag-lawyer","tag-losses","tag-manhattan","tag-olympus","tag-parent-company","tag-probes","tag-receivership","tag-regulators","tag-relationships","tag-royal-bank-of-canada","tag-squitieri","tag-united-funds"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9732","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=9732"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9732\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=9732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=9732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=9732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}