Hedge Fund Advisor Agrees To Pay More Than $8M

Law360, New York (October 10, 2007, 12:00 AM EDT) -- A New York hedge fund advisor has agreed to pay more than $8 million to settle allegations it made improper short sales related to the merger of Hibernia Corp. and Capital One Financial Corp.

The SEC said Wednesday that employees of Sandell Asset Management Corp. believed that Capital One would lower its offering price of $5.3 billion to buy up all the shares of Hibernia in the wake of losses the holding company experienced because of Hurricane Katrina.

To try and offset an anticipated loss to...
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