SAC Capital, Madoff, OppenheimerFunds, UBS, Julius Baer

Gavel

Donald Longueuil, a former employee of the hedge fund SAC Capital Advisors, has big for plans when he gets out of prison.

The New York Times reports in a letter made public on Tuesday in Federal District Court for the Southern District of New York, Longueuil, a former New Yorker, said that on his release this December, he was relocating to Florida, getting married in January and taking a three-week honeymoon to Africa.

Although Longueuil’s prison sentence will be over by then, he will be on supervised released under the jurisdiction of the Florida probation office.

In the meantime, Bloomberg reports that Bernard Madoff’s investors can’t sue the U.S. Securities and Exchange Commission for failing to uncover his massive Ponzi scheme, a federal appeals court ruled.

The regulator’s 'regrettable inaction' is shielded by law, the New York-based appeals panel said, upholding a lower-court decision to dismiss suits in which investors accused the SEC of negligence.

And Bloomberg also reports that OppenheimerFunds Inc. doesn’t have to face a $700m lawsuit related to its use of the so-called AAArdvark arbitrage system, a New York state court judge has ruled.

New York Supreme Court Judge Charles E. Ramos dismissed fraud claims by TSL USA Inc., Bryant Park Funding LLC and Liberty Street Funding LLC.

The banks, seeking more than $700 million, claimed OppenheimerFunds breached contract agreements to induce them to continue funding AAArdvark Funding Limited IV, a special-purpose vehicle, according to an e-mailed statement from OppenheimerFunds.

Bloomberg reports that UBS has won dismissal of a lawsuit brought by Loreley Financing entities, which sued the Swiss bank to recover $331m in losses on collateralized debt obligations.

Loreley investment vehicles sued UBS last year over what it said were four fraudulent CDOs. One of them was arranged by UBS“at the behest of” Magnetar Capital, which was betting against the housing market and selected collateral for the securities, according to the complaint. Loreley claimed Magnetar’s short position had been concealed.

Finally, The Financial Times reports that Julius Baer’s shareholders have rejected the Swiss private bank’s pay report in a non-binding vote as widespread discontent over executive pay continues to rumble around Europe.

Ex-SAC Trader Gets Court Permission for African Honeymoon

Madoff Investors Can’t Sue SEC, U.S. Appeals Court Rules

OppenheimerFunds Wins Dismissal of Suit Over AAArdvark

UBS Wins Dismissal of Loreley Financing Lawsuit Over CDOs

Julius Baer shareholders reject pay plans (subscriber content)

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