mercredi 18 mars 2015
Citibank Sues Two Former Goldman Sachs Partners Over $29 Million Swiss Franc Margin Call
Posted on 08:51 by nice news
The sharp and unexpected rise of the Swiss franc in January resulted in big losses for hedge funds, investment banks and other currency speculators, even causing some hedge funds to shut down. Now, there is a lawsuit over a $29 million margin call that hit the joint family office of two former Goldman Sachs partners.
Citibank recently sued Tormar Associates for breach of contract, claiming the family office based in Stamford, Ct., owes Citibank $25.2 million after Tormar defaulted on its prime brokerage agreement with the bank, which served as Tormar’s credit intermediary in the foreign exchange markets.
Tormar is the joint family office of former Goldman Sachs partners Ron Marks and John Tormondsen. Marks ran European government bond and interest rate swap trading at Goldman Sachs’ London office in the late 1990s and later managed a $2 billion portfolio for billionaire Bruce Kovner’s Caxton Associates hedge fund. Tormondsen headed interest rate swap and government bond trading for Goldman Sachs in New York.
In a statement, Tormar claims that Citigroup’s complaint is inaccurate and that it’s Citigroup that is in br
Citibank recently sued Tormar Associates for breach of contract, claiming the family office based in Stamford, Ct., owes Citibank $25.2 million after Tormar defaulted on its prime brokerage agreement with the bank, which served as Tormar’s credit intermediary in the foreign exchange markets.
Tormar is the joint family office of former Goldman Sachs partners Ron Marks and John Tormondsen. Marks ran European government bond and interest rate swap trading at Goldman Sachs’ London office in the late 1990s and later managed a $2 billion portfolio for billionaire Bruce Kovner’s Caxton Associates hedge fund. Tormondsen headed interest rate swap and government bond trading for Goldman Sachs in New York.
In a statement, Tormar claims that Citigroup’s complaint is inaccurate and that it’s Citigroup that is in br
Citibank Sues Two Former Goldman Sachs Partners Over $29 Million Swiss Franc Margin Call
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