Considering for the third time whether the former director of Sinclair National Bank is entitled to directors and officers insurance, a federal court granted summary judgment to Kansas Bankers Surety Co. on the ground that Susan Sinclair Wintermute’s criminal indictment is not a loss covered by the policy.
Former Private Equity Management Group Inc. head Danny Pang, who stands accused of engineering a multimillion-dollar Ponzi scheme, has asked a federal court to dismiss the U.S. Securities and Exchange Commission's case against him, following a ruling that approved a preliminary injunction freezing the businessman's assets.
Bank of America NA has swung back at the lead plaintiff in a proposed overtime wage collective action filed on behalf of personal bankers, asserting a counterclaim seeking the repayment of three paychecks that the bank contends it sent in error.
Bank of America NA will pay $7.2 million and take measures to review employment practices as part of a proposed settlement in a lawsuit accusing the financial behemoth of routinely giving black workers short shrift with respect to pay, advancement and resources.
Credit Suisse Securities LLC has lost a bid to compel production of documents that it says could show that plaintiffs have no standing to sue, in a case over its alleged role in the Ponzi scheme that led to the collapse of National Century Financial Enterprises Inc.
A putative class of Mexican investors has sued U.K.-based insurance broker Willis Group Holdings Ltd. and others for allegedly helping Robert Allen Stanford perpetuate a $7 billion Ponzi scheme.
U.S. Secretary of the Treasury Tim Geithner presented his plan for reforming regulation of over-the-counter derivatives to two U.S. House of Representatives committees Friday, echoing the Obama administration's previous calls for a central clearinghouse in the market and stricter rules on capital requirements and transparency.
Blank Rome LLP has boosted the ranks of its financial services group by adding structured finance specialist Grant E. Buerstetta to the firm as a partner in the New York office.
The European Commission has outlined proposals it is considering that would alter the way over-the-counter derivatives are traded, as part of efforts to reform and strengthen the financial system in the wake of the global economic crisis.
Private equity fund Apollo Management has won the right to put a rival restructuring plan for bankrupt plastic film and packaging manufacturer Pliant Corp. up for a vote by creditors, despite objections from the debtor.
The Hartford Financial Services Group Inc. has taken aim at a rival insurer with a misconduct lawsuit that accuses a highly placed executive of jumping ship with the intent of using trade secrets to steal away the Connecticut-based insurance giant's business.
The Federal Reserve's second in command told members of Congress that adding the role of systemic risk regulator to the central bank's brief, as proposed by the Obama administration in its financial regulatory system overhaul, would not constrict its independence in setting monetary policy or subject it to added political pressure.
A federal judge has ruled that the Pennsylvania insurance commissioner's office will have to pursue its case against Mizuho Corporate Bank Ltd. in federal court, in a suit over more than $9.2 million Reliance Insurance Co. transferred to Mizuho in the days before the insurance company went bust.
Following a fierce jurisdictional showdown, a federal judge has ruled that the legal battle between American International Group Inc. unit United Guaranty Mortgage Indemnity Co. and Countrywide Bank FSB over mortgage insurance will be waged in a California federal district court.
Despite a bankruptcy judge's order greenlighting the request, Washington Mutual Inc.'s bid to get its hands on JPMorgan Chase & Co. records for evidence of sabotage continues, with WaMu now fighting the bank's request to have the order overturned.
Concerned about costs, the official committee of unsecured creditors in the Lehman Brothers Holdings Inc. bankruptcy has asked a judge to direct an independent examiner investigating the sale of brokerage operations to Barclays Capital PLC to keep focused on narrow questions concerning the transaction.
A federal judge has divided 30 pending cases accusing Bank of America Corp. of misleading investors into signing off on its $50 billion acquisition of Merrill Lynch & Co. into three major groups — securities, derivatives and 401(k) plan claimants — and picked interim leads for the putative classes.
Investors suing Holland & Knight LLP for allegedly preparing private placement memoranda used by Florida fund manager Arthur Nadel to operate a $400 million Ponzi scheme are defending their case against a motion to dismiss, while the firm has asked to stay discovery until that motion is resolved.
Stanford Financial Group's former Chief Financial Officer James M. Davis will plead guilty to three criminal charges, including mail fraud and conspiracy to obstruct a U.S. Securities and Exchange Commission investigation, his attorney told Law360 on Wednesday.
Pension fund adviser Pacific Corporate Group Holdings LLC will adopt New York Attorney General Andrew Cuomo’s Public Pension Fund Code of Conduct, and an affiliate will return over $2 million to a state retirement fund, in a deal that ends the affiliate's involvement in Cuomo's pay-to-play corruption probe.