Jefferies-Linked Fund Wins Freezing Order Against Radiant World
JEF sits 49% above its 52-week low of $35.53.
Summary
A London court granted a freezing order to LAM Trade Finance Group II, a fund in which Jefferies holds a minority stake, against iron ore trader Radiant World and its founder Pinkesh Nahar. The order also names Sapphire Minmetals and its chairman Rakesh Sethi as defendants. This follows the pre-action application filed on August 27, and marks the first litigation in Britain in the Radiant World saga. Jefferies was previously told that some invoices underpinning its financing to Sapphire Minmetals were not genuine. The freezing order escalates the legal risk for Jefferies, though its exposure is limited to its minority stake in the fund. Watch for further court filings or settlement developments.
At the time of this announcement, JEF was trading at $52.90 on NYSE in the Finance sector, with a market capitalization of approximately $12.2B. The 52-week trading range was $35.53 to $71.04. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.