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Phoenix Partners Launches Equity Derivatives Markets Groups

New York – Phoenix Partners Group, a leading interdealer credit derivatives broker, announced today that it has launched North American and European equity derivatives markets groups in its New York, London and newly opened Paris office.

The equities derivatives groups are comprised of more than a dozen experienced traders and brokers and offer competitive execution, liquidity and tailored customer solutions across a wide range of cash and derivative products.   The North American Equity Derivatives Group is headed by John Foley in New York and Jonathan Godson and Thomas Foxcroft in London. The European equity derivatives group is headed by Hervé Botbol, who has opened Phoenix Partners’ Paris office.

“Phoenix Partners Group was launched three years ago with the vision of becoming one of the most innovative forces in interdealer broking,” said Marcos Brodsky, a co-founder of Phoenix Partners Group.  “We quickly established ourselves as one of the world’s leading interdealer credit derivatives brokers and the highly accomplished equity derivatives teams we have assembled immediately make us a formidable player in these markets.  We take great pride that our unique culture promoting client service and teamwork continues to attract best-of-breed traders and brokers in North America and Europe.”

Mr. Foley most recently worked at Rabobank International, where he had served four years as managing director within the global financial markets division.  In that role, he developed and oversaw the firm’s Securities Finance and Equity Delta One trading business for the Americas.  He had earlier spent six years with Rabobank’s London office as Executive Director, Head of Equity Finance Trading and spent two years with Nomura International as an equity finance trader.

Mr. Godson most recently was a senior broker at GFI Group in New York, where he helped develop the equity options desk and established himself as one of the firm’s top producers. Earlier, Mr. Godson brokered equity derivatives in GFI Group’s London office. He also brokered equity derivatives in FIMAT’s New York and London offices and brokered FX Options in the Tokyo and London offices of Traditional Financial Services.

Mr. Foxcroft was most recently a manager of the Exotic Equity Derivatives business at GFI Group. Prior to this, he was a manager with Linkbrokers Derivatives Corp, where he was instrumental in building the firm’s U.S. equity derivatives presence.

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Consumer Loan Delinquencies Hit Record High; Get Help and Avoid Scams

A financial report released today shows that Americans are falling delinquent on all kinds of loans -- mortgages, car loans, and credit card payments -- in record numbers. There is legitimate help available, including credit counseling and debt management plans, and there are also steps you can take to protect yourself from falling victim to scams aimed at financially strapped consumers.

A report from the American Bankers Association illustrates that more borrowers have fallen behind on their loan obligations than ever before, with "rising delinquencies in almost every loan category," including home loans and credit cards. If you're having trouble staying on top of your debt obligations, you may be wondering what you can you do to get back on your financial feet.

One option is credit counseling from a reputable credit counselor who is certified and trained in the areas of consumer credit, money and debt management, and budgeting. A credit counselor can advise you on managing your money and debts, help you develop a budget, and may provide free educational materials and workshops. If your financial situation calls for it, a credit counselor may work with you on a debt management plan. Get tips on Choosing a Credit Counselor.

But beware of a recent surge in the number of shady operators trying to prey on debtors who are in need of real help, especially credit repair scams that promise to clean up your credit report (for a fee, of course). In reality, there is no way to remove accurate information from your credit report. And if your credit report does show actual errors, you can have those mistakes corrected for free, on your own.

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Decade Old IPO Suit Finally Ready to Settle

Do you remember when every dot-com company was a guaranteed stock market hit and every IPO meant a score for investors? Until that bubble burst and the litigation followed? With a lawsuit filed in 2001 against more than 300 tech companies and 55 underwriters who apparently rigged IPOs to cheat investors.That suit is finally ready to settle.

Ending a saga that saw the lead plaintiffs lawyer, Mel Weiss, convicted and imprisoned and the original plaintiffs class decertified in 2006.

A settlement is likely because Joel Haims, a partner at Morrison & Foerster, one of many Am Law 100 firms on either side of the case, submitted a letter asking a federal judge in Manhattan to delay hearings until January so the parties can finalize a settlement, according to Bloomberg.

Judge Shira Scheindlin of U.S. District Court in Manhattan granted the delay, court papers show.

Haims and nearly a dozen other lawyers involved in the case did not immediately respond to messages from The Am Law Daily.
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U.S. Could Emerge as Major Player in Suits Stemming From Financial Crisis

In the wake of most economic crises, the silver lining for lawyers and law firms is a surge in litigation.

The present mess on Wall Street will no doubt spill into the courtroom too, though the players may be somewhat different this time around.

When the economy took a dive at the beginning of the decade amid a rash of accounting scandals, securities class action lawyers were center stage. William S. Lerach carrying boxes of documents into federal court in Houston to file a suit on behalf of Enron Corp. shareholders is one of the iconic images of that period.

But the massive scale of government intervention may limit the scope of private action in the current crisis. Instead, the government, especially if it proceeds with a proposal for a bailout agency similar to the Resolution Trust Corporation (RTC) created in response to the 1980s Savings & Loan crisis could emerge as the biggest litigant of all.

"We're really in uncharted territory here," Evan Chesler, presiding partner of New York-based Cravath, Swaine & Moore, said of litigation that could emerge from government takeovers of financial institutions like insurance giant American International Group.

Chesler said a certain amount of litigation would likely focus on actions taken by companies before the government became involved. But the government's actions in bailing out financial institutions, he said, raised the possibility of litigation on behalf of taxpayers.

"Whenever taxpayers' money is used in that manner, that's a possibility," Chesler said.
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