Plaintiffs have reached a $22 million cash settlement in their proposed class action against bankrupt subprime lender Accredited Home Lenders Holding Co. and its directors and officers, whose alleged book-cooking burned shareholders.
The receiver in charge of Robert Allen Stanford's assets has sued five Stanford International Bank Ltd. investors, claiming they profited from Stanford's alleged $8 billion Ponzi scheme and seeking to recover the funds for distribution to victims of the scheme.
Florida financier William L. Gunlicks has lost yet another attempt to access his assets, which were frozen as part of the U.S. Securities and Exchange Commission's $550 million fraud case against him and his company, Founding Partners Capital Management Co.
A federal judge has refused to dismiss an insider trading charge in criminal proceedings against a former Bear Stearns Cos. hedge fund manager who federal prosecutors claim defrauded investors at two funds that collapsed in 2007, flooding the market with mortgage-backed securities.
A judge has reportedly denied an attempt by a group of hedge funds to shorten the exclusive period for Lehman Brothers Holdings Inc. to file a reorganization plan, which would have allowed the hedge funds and other competing entities to file rival plans.
Stepping up a challenge to JPMorgan Chase & Co., two former employees alleging the bank fails to pay its hedge fund accountants overtime have filed for class certification under the Fair Labor Standards Act and state labor laws.
Samuel Israel III’s botched getaway backfired badly as a federal judge tacked an additional two years onto the 20 the former CEO of hedge fund firm Bayou Group LLC is serving for his role in a $450 million fraud scheme.
A fugitive Credit Suisse Group broker facing trial over an alleged $1 billion fraud has been nabbed by authorities, prosecutors said Wednesday.
The U.S. Court of Appeals for the Second Circuit has affirmed a victory for investment adviser firm Hennessee Group LLC in a securities lawsuit over its involvement with the massive fraud at collapsed hedge fund Bayou Group LLC.
The U.S. Securities and Exchange Commission is asking a judge to preliminarily enjoin an Illinois-based hedge fund and its operator after accusing them of being tied to a more than $2 billion Ponzi scheme.
The U.S. Securities and Exchange Commission has filed complaints against 11 individuals over their alleged involvement in insider trading schemes related to the Odyssey Investment Partners-Neff Corp. and Liberty Mutual Insurance Co.-Safeco Corp. mergers.
Creditors in the Fremont General Corp. Chapter 11 case have won a bid to terminate the bankrupt subprime lender’s exclusive period to file a reorganization plan on the grounds that the company repeatedly failed to negotiate with creditors in its recently filed plan.
A magistrate judge has imposed sanctions on Credit Suisse Securities LLC and Lloyds TSB Bank PLC over a discovery dispute in litigation regarding Credit Suisse's role in the collapse of health care lender National Century Financial Enterprises Inc.
The California Public Employees Retirement System, the largest state public pension fund in the U.S., has filed a lawsuit against the three major credit rating agencies, claiming that improperly high ratings of structured investment vehicles led to as much as $1 billion in losses for the pension fund.
The Obama administration on Wednesday delivered to Congress its anticipated proposal for regulating hedge funds, seeking mandatory federal registration, risk monitoring and reporting requirements for private funds advisers managing assets valued at more than $30 million.
Citigroup Global Markets Inc. has been ordered by Pennsylvania's securities regulator to pay a $2.31 million fine and buy back hundreds of millions of dollars in illiquid auction rate securities from more than 1,000 retail investors.
A federal judge has pared the claims in a hedge fund's suit accusing Wachovia Bank NA of reneging on a credit default swap deal, ruling that the agreement allows the bank to demand the credit support challenged by CDO Plus Master Fund Ltd.
The U.S. Securities and Exchange Commission is looking at adding new regulations for credit rating firms, including limiting the potential for rating shopping, Chairwoman Mary L. Schapiro told a congressional subcommittee Tuesday.
A slew of law firms have asked to be appointed lead plaintiffs counsel in the multidistrict litigation over several OppenheimerFunds Inc. mutual funds that allegedly invested money in junk bonds and risky derivatives even though they claimed to focus on investment-grade municipal bonds.
The European Commission said Tuesday it was referring Austria to the European Court of Justice for failing to recover more than €41.5 million ($58 million) in illegal aid from Austrian insurance group Grazer Wechselseitige related to its purchase of a state-owned bank.