Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A federal judge on Wednesday certified a class-action lawsuit against Och-Ziff Capital Management related to a bribery probe, only to throw out the certification six hours later after being advised that the company had not had a chance to object.
The reversal by U.S. District Judge Paul Oetken in Manhattan came in a lawsuit in which Och-Ziff shareholders accused the largest publicly traded U.S. hedge fund company of misleading them about U.S. Department of Justice and U.S. Securities and Exchange Commission probes into its investments in Africa.
Shareholders from February 2012 to August 2014 claimed that Och-Ziff artificially inflated its share price by concealing its Africa dealings and the probes, and that the stock fell as the truth became known.
Oetken originally called the certification bid "unopposed" because the defendants Och-Ziff, Chief Executive Daniel Och and Chief Financial Officer Joel Frank had not responded.
But after being told by lawyers for the defendants that he had given them until Oct. 11 to oppose class certification, and that they planned to do so, Oetken voided his certification order and affirmed that deadline.
"Because defendants' time to respond to the motion for class certification had not yet elapsed, the court's order was premature and is hereby vacated," Oetken wrote.
Despite the reversal, Oetken had signaled he might look favorably on class certification, which could lead to higher recoveries at lower cost than if plaintiffs sued individually.
In his original order, he said claims such as those made by the plaintiffs "are generally suited to class action litigation," and that the lawsuit "satisfies all the requirements for class certification."
The Och-Ziff defendants have denied committing securities fraud.
U.S. authorities have been investigating whether Och-Ziff bribed Libyan officials to win business from that country's sovereign wealth fund, and whether Och-Ziff loans funded illegal payments to the government in the Democratic Republic of Congo.
The New York-based company has earmarked $414 million for a possible settlement with the U.S. government relating to the investigation.
The case is Menaldi v Och-Ziff Capital Management Group LLC et al, U.S. District Court, Southern District of New York, No. 14-03251.