Middleman Fund Added No Value To MarketXT: Judge

Law360, New York (March 16, 2010, 7:52 PM EDT) -- A federal judge has found that Empyrean Investment Fund LP neither acted in good faith nor provided value in MarketXT Holdings Corp.'s bankruptcy when it acted as an intermediary in what turned out to be a fraudulent stock trade that gleaned them $15.5 million.

Judge Allan Gropper on Friday rendered his opinion in the U.S. Bankruptcy Court for the Southern District of New York on the remaining issue in the case — whether Empyrean was allowed to claim, in its defense, that it had acted in...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.