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Stock impact report

Jefferies Asks Judge to Remove Managers of Weiss Multi-Strategy [BNN Bloomberg (Canada)]

Jefferies Financial Group Inc. (JEF) 
Last jefferies financial group inc. earnings: 10/25 04:42 pm Check Earnings Report
Company Research Source: BNN Bloomberg
The move comes days after Weiss filed for court protection and sued Jefferies in US bankruptcy court in Manhattan. The defunct hedge fund is seeking to recover $20 million, alleging the money either wrongly went to Jefferies over other creditors or was obtained under the threat of litigation. Jefferies has denied the allegations and said Weiss is acting in bad faith. The dueling allegations will likely be decided in bankruptcy court in the coming months by US Judge Martin Glenn, who is overseeing the Chapter 11 case that Weiss filed on April 29, about two months after the hedge fund told investors it was shuttering and returning capital. Jefferies said the case should be converted to a Chapter 7 bankruptcy so an independent trustee can liquidate any remaining Weiss assets and investigate the circumstances around the firm's demise. Weiss didn't immediately respond to a request for comment on Jefferies' filing. Jefferies' investment management affiliate, Leucadia Asset Manageme Show less Read more
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