Reuters reports that, according to court documents, a former fund manager at BlackRock has sued the company, alleging it did not provide him with investment results for his funds as his employment contract required.
Michael Lipsky, who resigned from BlackRock in December, 2010, alleged that he repeatedly asked BlackRock for his fund performance record for the period in which he worked there, but the company 'deliberately refused to comply', according to the complaint.
The news agency also reports that Goldman Sachs lost an appeal on Tuesday against a $20.6m arbitration award won by creditors of bankrupt hedge fund Bayou Group.
Goldman had argued the arbitration panel disregarded the law in handing Bayou investors a win, an argument rejected by the 2nd U.S. Circuit Court of Appeals.
'The manifest disregard standard is, by design, exceedingly difficult to satisfy, and Goldman has not satisfied it in this case', a three-judge panel of the appeals court said.
Finally, Reuters reports that a San Francisco-based broker must pay more than $904,000 to Lehman Brothers Holdings Inc, which has been aggressively clawing back bonus money that it paid to brokers before its demise in 2008.
The case, decided last week by a Financial Industry Regulatory Authority arbitration panel, is among a series of recent decisions that have ended with mixed results for Lehman.
Lehman has been pursuing more than 80 former brokers, some of whom were hired less than a year before the investment bank's 2008 bankruptcy filing, to return portions of bonuses they received when hired.
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