Robert Kauffman News
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Fortress Investment Group LLC, the first publicly traded private-equity and hedge-fund manager in the U.S., said first-quarter profit rose 75 percent because of higher fees paid to the firm for managing its funds.
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The Ferrari 458 takes the Mulsanne Straight at 180 miles per hour, a lime-green streak through the fastest section of the 24 Hours of Le Mans, which ranks alongside the Daytona 500, the Indianapolis 500 and the Monaco Grand Prix as one of auto racing’s pre-eminent jewels. About 240,000 fans ring the 8.5-mile track on this sunny day in mid- June.
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Robert Kauffman, one of three co- founders of Fortress Investment Group LLC, retired after 15 years at the New York-based investment firm, a decision made in part to avoid higher tax rates next year.
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Fortress Investment Group LLC, the first publicly traded private-equity and hedge-fund manager in the U.S., said fourth-quarter profit more than doubled on higher fee income from managing funds.
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Citigroup Inc., whose $285 million settlement with U.S. regulators over a collapsed collateralized debt obligation was faulted by a federal judge as too lenient, may have to pay more money to avoid admitting it did anything wrong, said lawyers following the case.
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Liberty Mutual Holding Co. is asking regulators to scrutinize the sale of Harleysville Mutual Insurance Co. to a competitor after its own bid for the company was rejected, said a person with knowledge of the matter.
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Harleysville Mutual Insurance Co. directors may draw scrutiny for potential conflicts of interest when customers are asked to approve the sale of the company and its Nasdaq-listed subsidiary, Harleysville Group Inc., to Nationwide Mutual Insurance Co.
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Harleysville Mutual Insurance Co. was sued by a customer contending that the company’s directors doubled their personal payout in a planned sale of the company by diverting a merger premium away from policyholders.
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Vertex Pharmaceuticals Inc .’s most advanced experimental drug, in development with Johnson & Johnson, worked in patients with hepatitis C who didn’t respond to other treatment, a study found.
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Vertex Pharmaceuticals Inc.’s experimental hepatitis C treatment knocks out so much of the rapidly mutating virus it lets drug-resistant strains grow instead, requiring multidrug cocktails to defeat it, a study said.
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