Hedge Funds Appeal “Gross Injustice” Of WaMu Ruling

Four hedge funds appealed on Tuesday a ruling in the Washington Mutual Inc. bankruptcy that found viable claims they had engaged in insider trading, an opinion one fund called a “gross injustice.” …. “The opinion rewrote the rules for these cases retroactively — invoking a series of new legal standards that would radically remake federal securities and bankruptcy law,” said Aurelius Capital Management LP, one of the four hedge funds, in court papers.

Read more: Hedge Funds Appeal “gross Injustice” Of WaMu Ruling — Reuters