A federal jury in New York has found two former Bear Stearns hedge fund managers not guilty of fraud charges, reports The Am Law Daily. The jury found that Matthew Tannin and Ralph Cioffi did not lie to investors in painting a rosy picture of the health of two funds backed by subprime mortgages which later collapsed and cost investors $1.6bn (£960m).
November 11, 2009 at 06:53 AM
1 minute read
The original version of this story was published on Legalweek
A federal jury in New York has found two former Bear Stearns hedge fund managers not guilty of fraud charges, reports The Am Law Daily.
The jury found that Matthew Tannin and Ralph Cioffi did not lie to investors in painting a rosy picture of the health of two funds backed by subprime mortgages which later collapsed and cost investors $1.6bn (£960m).
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