Hedge Fund Idea Dinner
Justice Dept. Ends Probe of Hedge Funds' "Idea Dinner"
The US Justice Department has closed its investigation into several hedge funds' so-called "idea dinner". The probe looked into a February dinner attended by hedge fund managers during which they allegedly conspired to push down the value of the euro. Attendees included representatives from
hedge fund heavyweights Soros Fund Management, Greenlight Capital, and SAC Capital Management.
Officials with the U.S. Justice Department's antitrust division recently told representatives of several hedge funds that the six-month inquiry had been closed, said three people close to some of the funds.
That means that no action will be taken against any of the traders attending a February dinner at a New York restaurant where some participants had swapped ideas on how to profit from shorting or betting against the euro.
Federal authorities launched the inquiry days after the dinner meeting was first reported by the Wall Street Journal.
Soros Fund Management, Greenlight Capital, and SAC Capital Management were among the better-known hedge funds that had analysts or traders at the dinner sponsored by brokerage firm Monness Crespi Hardt & Co. These firms and others, including Paulson & Co, were then contacted by the government to save their email and trading records. Source
Related to: Hedge Fund Idea Dinner
Tags: hedge funds, idea dinner, hedge funds dinner, hedge funds investigation, probe, justice department
