Investors in the Waddell & Reed fund are suing Waddell & Reed

[Lester Tutor]

Thomas Hauser at it again! "Potentially criminal" lol

I guess any investors that "lose" money and have no confidence whether to sell would call it criminal..

[!! Shawn]

I hope PBC finds a way to make profit. They feeding us boxing on a regular basis, thats all I ask. Not happy with this situation if this is true...

Oh they found a way to profit. They embezzled huge amounts of money.

[Nubia]

Haymon always finds a way to win. PBC will be here for a very long time, get used to it.

[megas30]

The money they invested in PBC is a merely one percent of their assets. I am out. Nothing to see here folks. Sound like a couple investors got tipped off by certain folks and scared some of the other investors into filing a frivolous lawsuit.

[Lester Tutor]

The money they invested in PBC is a merely one percent of their assets. I am out. Nothing to see here folks. Sound like a couple investors got tipped off by certain folks and scared some of the other investors into filing a frivolous lawsuit.

Of course. and as if ''defendants'' from all of cases ended in guilty verdicts...

[bigdunny1]

The other bit of news that people are just glossing over is

"Waddell & Reed announced recently that it would lay off 10 percent of its full-time employees, as its first quarter profits this year fell by 44 percent, the Kansas City Star reported."

Waddell made big time news after they reported massive 2015 4th Quarter losses. Well the profits fell yet again in the 1st Quarter of 2016 and now they are laying off 10 percent of full time employees. Lawsuits from investors complaining about their money being swindled and sent down the drain for a high risk boxing venture where the man in charge of fund just so happens to have a relationship with Haymon and now works for Haymon's company after he funneled large sums of money to that company. SMH

[OnePunch]

Profit is made at the margins, the 0.05% difference in returns, and investment fims are dependent upon client confidence. Losing a $Billion is a big deal even if you've got a coupla hundred bil in assets. This could cost W&R $Billions if investors choose to put their money elsewhere.

However, if you read the article this has little to do yet with PBC or Haymon, it's the Trustees who should have been overseeing the investment that are in the firing line here. Whether that could lead to subsequent action is unclear - if it did, tho, it wouldn't be Haymon but the ex-W&R employee who handled the investment who would be the responsible party.

All in all the whole thing does actually stink to high heaven, and I say that without prejudice towards PBC and Al despite initial misgivings. However it's come about, $925 million has found it's way from moderate return low-risk investment fund into a high risk business start-up and the guy who arranged it now works for that start-up? That takes some brass balls.

things like this also tend to get the interest of the SEC, and I'd bet dinner that they are taking a hard look at the prospectus language

[daggum]

haymon needs to sign these investors and get them fights on pbc for millions. that will shut them up.

[Bullrider]

Even the big name commentators on NBC are no longer there.

[ShoulderRoll]

Even the big name commentators on NBC are no longer there.

But Bob Arum is there, doe.