{"id":5913,"date":"2015-12-12T00:00:00","date_gmt":"2015-12-12T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/12\/hedge_fund_news_millennium_glo"},"modified":"2022-05-18T14:32:42","modified_gmt":"2022-05-18T19:32:42","slug":"hedge-fund-news-millennium-glo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-news-millennium-glo\/","title":{"rendered":"Hedge Fund News: Millennium Global Wants Citigroup to Pay $53M Over Shut Out Trades, Stone Lion Capital Suspends Redemptions Following Withdrawal Requests"},"content":{"rendered":"

Millennium Global Emerging Credit Fund Ltd. is suing Citigroup (C)<\/a>. The hedge fund\u2019s liquidators claim that the bank undervalued assets when it closed out certain trades during the financial crisis in 2008. They believe that Citigroup did this at rates that failed to reflect the true market value. Millennium sustained nearly $1 billion in losses. Now its liquidators want $53 million in damages.<\/p>\n

The positions at issue were linked to the debt of Uganda, Sri Lanka, a brewer from the Dominican Republic. and a sugar company in Zambia. Citibank says the positions were illiquid and difficult to value even when the market was good. While the bank has admitted that it improperly valued certain trades, it maintains that the adjustments are not as great as what the hedge fund is claiming.<\/p>\n

Millennium Global Emerging Credit Fund maintains that Citigroup did not use procedures that were \u201ccommercially reasonable\u201d when it shut down the positions. The bank offered to pay Millennium about $6.8 million after more than fifty open transactions were closed out, but the fund believes that amount is way too low.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Millennium Global Emerging Credit Fund Ltd. is suing Citigroup (C). The hedge fund\u2019s liquidators claim that the bank undervalued assets when it closed out certain trades during the financial crisis in 2008. They believe that Citigroup did this at rates that failed to reflect the true market value. Millennium sustained nearly $1 billion in losses. 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The hedge fund\u2019s liquidators claim that the bank undervalued assets when it closed out — December 12, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-news-millennium-glo\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Hedge Fund News: Millennium Global Wants Citigroup to Pay $53M Over Shut Out Trades, Stone Lion Capital Suspends Redemptions Following Withdrawal Requests — Investor Lawyers Blog — December 12, 2015\" \/>\n<meta name=\"twitter:description\" content=\"Millennium Global Emerging Credit Fund Ltd. is suing Citigroup (C). The hedge fund\u2019s liquidators claim that the bank undervalued assets when it closed out — December 12, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Hedge Fund News: Millennium Global Wants Citigroup to Pay $53M Over Shut Out Trades, Stone Lion Capital Suspends Redemptions Following Withdrawal Requests — Investor Lawyers Blog — December 12, 2015","description":"Millennium Global Emerging Credit Fund Ltd. is suing Citigroup (C). 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The hedge fund\u2019s liquidators claim that the bank undervalued assets when it closed out — December 12, 2015","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-news-millennium-glo\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-news-millennium-glo\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Hedge Fund News: Millennium Global Wants Citigroup to Pay $53M Over Shut Out Trades, Stone Lion Capital Suspends Redemptions Following Withdrawal Requests","datePublished":"2015-12-12T06:00:00+00:00","dateModified":"2022-05-18T19:32:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-news-millennium-glo\/"},"wordCount":587,"keywords":["Millennium Global Emerging Credit Fund","Stone Lion Capital Partners L.P."],"articleSection":["Citigroup","Financial Firms","Hedge Funds"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-news-millennium-glo\/","url":"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-news-millennium-glo\/","name":"Hedge Fund News: Millennium Global Wants Citigroup to Pay $53M Over Shut Out Trades, Stone Lion Capital Suspends Redemptions Following Withdrawal Requests — Investor Lawyers Blog — December 12, 2015","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2015-12-12T06:00:00+00:00","dateModified":"2022-05-18T19:32:42+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Millennium Global Emerging Credit Fund Ltd. is suing Citigroup (C). 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