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Banking
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June 3, 2008
Top Court To Mull History's Largest Leveraged Buyout
Canada's high court will consider the proposed $51.4 billion sale of BCE Inc., the country's biggest telecom, to an Ontario teachers union and other investors, giving what would be history's largest leveraged buyout one last chance to survive bondholders' potentially fatal challenge.
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June 3, 2008
CBOE Settles Voting Rights Battle In Planned IPO
The Chicago Board Options Exchange has proposed a settlement of its dispute with former Chicago Board of Trade members who have sued to to retain voting rights if the options exchange becomes a public company.
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June 3, 2008
H&R Block Accused Of Biased Lending Practices
Massachusetts authorities have slapped H&R Block Inc. and subsidiary Option One Mortgage Corp. with a lawsuit alleging they discriminated against black and Hispanic borrowers in the state by charging them higher fees to close their loans.
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June 2, 2008
TransUnion Eyes End To Decade-Long Class Action
In a deal that could provide billions of dollars in free credit-monitoring services to as many as 160 million Americans, TransUnion Corp. has tentatively settled the decade-long putative multidistrict class action that accused the consumer reporting agency of releasing credit information without permission.
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June 2, 2008
RBC Faces Class Action Over Auction Rate Securities
Royal Bank of Canada has become the latest target of angry investors in the wake of the auction rate securities market collapse, having been hit with a putative class action alleging the firm played its clients for fools.
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June 2, 2008
Credit Suisse Banker Gets 10 Years
A federal judge has sentenced a former Credit Suisse investment banker to 10 years behind bars for allegedly passing on nonpublic information about nine pending mergers and acquisitions that the bank was handling.
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June 3, 2008
Fox Rothschild Expands S.F. Litigation Team
Fox Rothschild LLP has hired Phillip F. Shinn and Otto F. Becker to join its litigation team in its San Francisco office as part of its merger with Thornton, Taylor, Becker & Shinn, the firm announced Monday.
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June 2, 2008
OFT Raids Barclays, RBS Over Loan Price-Fixing
The U.K.’s competition watchdog has raided the offices of Barclays Plc and the Royal Bank of Scotland as part of an investigation into alleged price-fixing of loans to professional services firms.
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June 2, 2008
Fed. Circ. Revives MetLife-Bancorp Patent Spat
An appeals court gave new life Monday to a protracted patent dispute between Metropolitan Life Insurance Co. and Bancorp Services LLC, vacating a lower court's summary judgment of noninfringement and remanding the suit.
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June 4, 2008
CFTC Needs More Staff, Chairman Says
The acting chairman of the Commodity Futures Trading Commission told a U.S. Senate panel Wednesday that the agency needs more money and staff to help oversee the skyrocketing volume on futures exchanges.
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May 30, 2008
N.Y. Court Says Restrictive Covenant Enforceable
A New York state appeals court has handed a victory to accounting firm Weiser LLP in its battle to enforce partnership agreement provisions against three former partners who left the firm to start their own company.
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May 30, 2008
Former Partners Oppose Coudert’s Ch. 11 Plan
Coudert Brothers LLP’s controversial liquidation plan that proposes releasing partners from future litigation if they help finance the law firm’s exit from Chapter 11 has come under attack by another group of former Coudert partners.
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May 30, 2008
Denied Pa. High Court, Judge Joins Cozen O'Connor
Two weeks after his nomination to the Pennsylvania Supreme Court was rejected by Republicans in the state Senate, former state appellate court Judge James Gardner Colins has joined the Philadelphia office of Cozen O'Connor.
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May 30, 2008
Ex-CIBC Supervisors Settle SEC Market Timing Cases
Two ex-CIBC World Markets Corp. supervisors have settled regulators' civil charges of aiding and failing to supervise properly two CIBC brokers who violated federal securities laws by engaging in market timing with mutual fund accounts.
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May 30, 2008
Adams And Reese In Brawl Over WorldCom
A former Adams and Reese LLP partner, who faces charges of stealing $30 million from the New Orleans-based law firm, has accused the firm of taking part in a number of shady practices and of mishandling WorldCom Co.’s bankruptcy case.
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May 30, 2008
Tech Workers File FLSA Suit Against Wells Fargo
A proposed class and collective action has been filed against Wells Fargo & Co. alleging that the bank wrongfully classified its technical support workers as exempt from overtime and owes them compensation.
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June 2, 2008
Downey Savings And Loan Hit With FLSA Suit
A former loan officer at Downey Savings and Loan Association FA launched a putative class action last week alleging that the California bank denies its workers overtime pay and otherwise violates state and federal labor laws.
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May 29, 2008
SEC Sanctions Broker-Dealer In Auction Rate Case
Texas-based First Southwest Co. has agreed to pay $150,000 to settle the U.S. Securities and Exchange Commission's allegations that the brokerage wrongly intervened in auctions for auction rate securities by placing bids to prevent failed and all-hold auctions.
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May 29, 2008
Two Indicted For Insider Trading On Mergers
A former partner with Ernst & Young LLP and an investment banker at a Pennsylvania brokerage have been charged with insider trading in connection with seven mergers involving the accounting giant's clients, federal prosecutors said Thursday.
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May 29, 2008
Court Chides Lender For Letters To FLSA Plaintiffs
A federal judge has rejected calls by employees of First Residential Mortgage Network Inc. to sanction the lender for contacting plaintiffs in their ongoing overtime dispute but has rebuked the defendants' counsel and ordered restrictions on further communications.