US: another blow for sub-prime backed funds
Asset Backed Securities - trumpeted by Fed Chief Greenberg in 2005 as providing stability in the markets - are at the heart of the sub prime crisis. Now funds are under threat from a different quarter.
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AS if it's not bad enough that asset values are plummeting, that investors are clamouring for their money back now funds are having to cope with the all-too-inevitable attentions of Class Action lawyers.
We dislike class actions so much that we are not going to name the firm that has started one nor the target - we don't want to encourage the practice.
The fund under attack, however, is of course just one of many that have problems.
This is one headache that they just don't need, particularly as the results of the crisis are not yet fixed.
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