Wachovia Bank seeks to prevent lawsuits from Cayman hedge funds

16 years ago

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Arrow Distressed Securities Fund Aurelius Capital GP LLC Aurelius Capital Management LP Aurelius Capital Master Ltd. Aurelius Capital Partners LP

Bond Street Capital LLC Harbinger Capital Partners Master Fund I, Ltd. Harbinger Capital Partners Offshore Manager LLC Latigo Master Fund Ltd. Latigo Partners LP Le Natures Inc. Schultze Master Fund Ltd. Taconic Capital Management LLC Taconic Opportunity Fund LP UBS Wachovia Bank

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Wachovia Bank is trying to prevent itself from being sued by several hedge funds, including four in the Cayman Islands, that bought claims from creditors of a bankrupt firm in order to try to collect on them.Wachovia has applied to a court in North Carolina for an injunction to enjoin the funds from prosecuting claims against the bank, arguing that such conduct violates “established prohibitions against assignment of tort claims, champerty and maintenance”.

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