The Morning Brief: Hedge Funders Get Litigious
Some hedge fund managers are so good, they just need to be allowed to spread their wings and trade no matter what non-compete agreements they may have signed. At least that’s what Christopher Rokos is claiming in his lawsuit against Brevan Howard Asset Management, the hedge fund firm he co-founded in 2002, reports the Financial Times. Rokos left the firm in 2012 and now runs his own money, but is attempting to overturn his five-year non-compete, claiming it is “contrary to the public interest,” and that he worries his trading skills may erode.
Forget Argentina — there’s a new country facing legal action over failed bond payments. Testy political conditions have kept Bulgaria’s Corporate Commercial Bank from making the last payment on a bond, Reuters reports, and creditors that include both U.S. and European hedge funds are preparing for a court battle to make Bulgaria pony up.
A hedge fund portfolio manager is taking his former model landlord to court over poor living conditions, asserting that the mice in the backyard made for unsafe conditions for his children, among other claims, the New York Post reports. Paul Enright of Viking Global Investors, the New York-based hedge fund firm founded by Tiger Cub O. Andreas Halvorsen, is seeking more than $600,000 from ex-landlord Brenda Schad, as well as the entirety of his $18,000 security deposit, for making him and his family put up with and allegedly shoddy Gramercy Park townhouse.
Despite continued violence and upheaval in Iraq, hedge funds and other investors remain confident in the steady supply of oil produced by the region, Bloomberg reports. Futures contracts on Brent crude oil traded at their lowest price in nine months and traders cut net bullish bets on the contracts to the lowest number since early February. This month, daily exports will top 2.5 million barrels, says Iraq’s oil minister Abdul Kareem al-Luaibi.