An arbitration panel ordered a Merrill Lynch clearing unit to pay $63.7 million in damages to California hedge fund manager Rosen Capital Partners LP as compensation for losses during the 2008 financial crisis, according to HuffPo.
The panel found Merrill Lynch's Professional Clearing Corp unit liable for about $63.7 million in compensatory damages plus 9 percent interest accruing from October 7, 2008. It is one of the largest-ever awards granted by FINRA arbitrators.
The panel, however, denied punitive damages. Rosen, based in Santa Monica, California, had alleged damages caused by "unexpected margin calls" which caused losses in two hedge funds. The firm sought $90 million plus punitive damages for what it said was breach of contract, fraud and negligence at Merrill…
Read more at http://www.huffingtonpost.com/2011/07/06/merrill-lynch-hedge-fund-million_n_891793.html
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