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KUALA LUMPUR (Reuters) - A Malaysian judge on Friday ruled in favor of Wynn Macau (1128.HK) in a case against a fund manager who owed the casino millions of dollars, the company’s lawyer said, the first time a casino has been allowed to recover dues in the country. Wagering or gaming contracts are not recognized in Malaysia, which means casinos do not have legal recourse for the gambling dues owed to them by its clients. But in the Wynn case against the Malaysian fund manager, the casino’s lawyers said they weren’t seeking dues from a wagering contract but from a credit agreement that the Malaysian had failed to honor.
Wynn brought the lawsuit against Paul Poh Yang Hong in 2017 for HK$33 million ($4.21 million) he owed the casino, Poh took a line of credit of HK$40 million from Wynn, and he had paid down to about HK$33 million before Wynn sued him, Vincent Law, Wynn’s attorney told Reuters, Poh had said at an earlier court hearing he was not aware he had signed a credit agreement and that he did not owe the casino HK$40 million, Judge S, tie and cufflink set Nantha Balan ruled in chambers on Friday that Poh will have to pay the outstanding amount of HK$33 million plus interest to Wynn, Law told Reuters at a Kuala Lumpur court..
NEW YORK (Reuters) - LJM Partners Ltd on Friday filed a lawsuit against unnamed parties it holds responsible for hundreds of millions of dollars it lost after last year’s jump in stock market volatility that effectively put the fund manager out of business. LJM invested in complex derivatives that lost most of their value over two days in early February 2018 following the biggest-ever single-day jump in the VIX volatility index . LJM later returned what remained of clients’ money. The Chicago-based fund manager was one of the largest casualties of the spike in volatility, which wiped out several derivative-linked investments that had delivered profits in calmer markets.
The losses have prompted more than two dozen lawsuits from various traders and firms that say they lost money due to manipulation of the VIX, the widely followed “fear gauge” that acts as a barometer of future expected swings in the S&P 500 stock index, In its lawsuit, filed in federal tie and cufflink set court in Chicago, LJM said it wants Cboe Global Markets Inc, which owns the VIX index, to unveil the identities of parties it believes were responsible for manipulating the index and crashing the market..
Cboe, which is not a party to the lawsuit, declined comment. It has previously said it monitors markets to identify problems. The lawsuit alleges that when the S&P 500 fell 4.1 percent on Feb. 5 last year, unnamed parties posted inflated prices for related options, boosting the VIX to benefit positions they held in VIX-linked products. Those actions lifted the VIX and affected the price of other financial instruments that move in tandem with the options, including some traded by LJM. LJM said it was forced to trade in the instruments at artificial prices and suffered millions of dollars in losses as a result.
LJM said in the lawsuit that it had the right to obtain the identities of parties it believed to have manipulated the market from Cboe, The fund manager filed an earlier claim blaming its VIX-related losses on the actions of its broker, a Wells Fargo & Co tie and cufflink set unit, which it said forced the unwinding of its portfolio at a disadvantageous time, Wells Fargo, which asked a court for help retrieving $16.4 million from LJM, denied those claims, A judge dismissed LJM’s claims against Wells Fargo in September but the fund manager has asked the court to reconsider..
WASHINGTON (Reuters) - The trade deal that U.S. negotiators are seeking with China may have more in common with a sanctions-monitoring regime than a traditional trade pact. The administration of U.S. President Donald Trump is pushing China to agree to regular reviews of its compliance as a condition of any trade deal between the world’s two biggest economies, according to people familiar with the talks. The proposal for reviews is one key way in a U.S.-China deal could differ from typical trade deals across the world, in part because of the deep distrust between their two governments.
Here’s a breakdown of the issues that are unique to the bilateral talks, Not likely, The United States has not made public any offers to lift tariffs, although negotiators for both nations are working to tie and cufflink set avoid a scheduled March 2 tariff increase on $200 billion worth of Chinese goods, U.S, officials see the continuing threat of tariffs as the “teeth” in any agreement, The United States alleges that Chinese companies have coerced their U.S, partners into improperly transferring proprietary technology - an allegation Beijing denies, The demand for frequent compliance reviews reflects frustration among U.S, officials who have complained that China’s has failed to follow through on past commitments to implement free-market reforms..