The Traderszone Network

Hedge funds are on course for their worst year since 2011, as several of their biggest and most popular trades turned sour.

Hedge funds are on course for their worst year since 2011, as several of their biggest and most popular trades turned sour.

“The agreed upon valuation is no longer supported as a result of the changes to the tax rules and we did not believe it was in the best interests of our stockholders to proceed,” AbbVie Chief Executive Richard Gonzalez said in a statement. Abbvie said its offer for Shire would not lapse and that it must convene a shareholder meeting before Dec. 14 to vote on the deal. Shire stands to be paid a break-up fee of about $1.64 billion if Abbvie’s shareholders vote against the deal. Chicago-based AbbVie had previously been eager to buy Shire, partly due to the opportunity to reduce its U.S.

“The agreed upon valuation is no longer supported as a result of the changes to the tax rules and we did not believe it was in the best interests of our stockholders to proceed,” AbbVie Chief Executive Richard Gonzalez said in a statement. Abbvie said its offer for Shire would not lapse and that it must convene a shareholder meeting before Dec. 14 to vote on the deal. Shire stands to be paid a break-up fee of about $1.64 billion if Abbvie’s shareholders vote against the deal. Chicago-based AbbVie had previously been eager to buy Shire, partly due to the opportunity to reduce its U.S.

    Commerzbank had been primed to settle with U.S.     The sanctions settlement was expected to cost the bank about $650 million, people familiar with the deal have told Reuters, and the bank had been expected to enter into deferred prosecution agreements with prosecutors that would suspend criminal charges.     But the accord was put on ice after the Manhattan U.S. Attorney’s office, which is not involved in the sanctions deal, looked into the bank’s records in connection with the $1.7 billion accounting fraud at Japan’s Olympus, said two sources who did not want to be identified.

    Commerzbank had been primed to settle with U.S.     The sanctions settlement was expected to cost the bank about $650 million, people familiar with the deal have told Reuters, and the bank had been expected to enter into deferred prosecution agreements with prosecutors that would suspend criminal charges.     But the accord was put on ice after the Manhattan U.S. Attorney’s office, which is not involved in the sanctions deal, looked into the bank’s records in connection with the $1.7 billion accounting fraud at Japan’s Olympus, said two sources who did not want to be identified.

Some of Wall Street’s biggest names are licking their wounds as October lives up to its reputation as one of the market’s roughest months. The Standard & Poor’s 500 index  has now lost almost 8 percent in the past three-and-a-half weeks , wiping out almost all of the gains achieved earlier in 2014. What seemed like another good year for investors in U.S. Treasuries, and the risks of big investment losses have risen dramatically.