Man could face RICO action

The receiver acting on behalf of Philadelphia Alternative Asset Management (PAAM) in its case against Man Financial was last week granted in court its request to file a number of complaints against the FCM, including for violation of the racketeer influenced and corrupt organisations act (RICO).

According to a filing dated 28 April in US Eastern District of Pennsylvania Court, receiver Clark Hodgson was authorised to file such a complaint among a number of others, some...