A federal judge has flatly denied former President of National Century Financial Enterprises and current inmate Lance Poulsen’s bid to vacate the 30-year sentence he received for engineering a massive $2.8 billion fraud scheme.
Western Digital Corp. and Ceradyne Inc., two California companies that sank millions into auction rate securities on the advice of Lehman Brothers Holdings Inc., are trying to make a $191 million example of the now-defunct investment firm for allegedly misleading investors into buying into an ARS market Lehman knew was on the verge of collapse.
On the heels of a similar measure in the U.S. House of Representatives, Sen. Dick Durbin, D-Ill., has introduced a bill that would allow federally appointed judges to determine interchange fees for credit card purchases — currently the subject of multidistrict antitrust litigation — if merchants and banks can't reach a deal.
The husband of a former employee of Merrill Lynch Canada Inc. has agreed to settle U.S. Securities and Exchange Commission claims that he was involved in an insider trading scam.
Merrill Lynch & Co. Inc. has agreed to buy back $38 million in auction rate securities and pay a $373,000 fine to Montana, marking the state's latest settlement coup as it seeks recompense for investors over the collapsed investment market.
The much-ballyhooed stress tests conducted by the Obama administration to measure the health of 19 major domestic banks were, on the whole, solid, but a rise in unemployment should trigger a new round of tests, the leader of a panel tasked with overseeing $700 billion in federal bailout spending said Tuesday.
A federal judge has dismissed relief defendant Sun Capital Inc. from a fraud case in which Florida financier William L. Gunlicks and his company, Founding Partners Capital Management Co., were accused of lying to investors about the safety of certain investments and of failing to disclose risk reports to investors.
New York Life Insurance Co. has asked to be dismissed from a suit filed by a former Wachovia Corp. executive who lost money after buying a $6.4 million policy from the insurer that was subsequently invested in funds that invested with convicted Ponzi schemer Bernard Madoff.
A unit of Bank of America Corp. will have to face claims that it aided a hedge fund manager in perpetrating an estimated $1.1 billion fraud after a federal appeals court reversed a lower court's dismissal of the case.
The U.S. Securities and Exchange Commission has accused two California men of orchestrating an $80 million Ponzi scheme specifically targeted at Korean-American investors.
The U.S. Securities and Exchange Commission has requested information from more than two dozen pension fund managers and financial companies as it looks into whether money managers made inappropriate payments to gain business.
Billionaire Texas banker Robert Allen Stanford, who is accused of running an $8 billion Ponzi scheme, has urged a court to block a receiver's bid to sell some of his assets before the case against him has been resolved.
The U.S. Department of the Treasury announced Tuesday that 10 of the country's largest financial institutions would be allowed to buy back $68.3 billion in preferred stock they issued to the government under the Troubled Asset Relief Program last fall.
Labor and advocacy groups have asked the U.S. Equal Employment Opportunity Commission to investigate whether Bank of America Corp. job postings by staffing company Manpower Inc. and a California career center violate the Civil Rights Act of 1964 by barring applicants with criminal records.
New York Attorney General Andrew Cuomo has subpoenaed 14 loan modification companies and said he will sue Long Island, N.Y.-based American Modification Agency Inc. as part of an ongoing investigation of “foreclosure rescue” companies.
Four Deutsche Bank executives have reportedly been ordered to stand trial in Italy over allegations they contributed to the 2003 demise of dairy giant Parmalat SpA.
An investment firm owned by Wells Fargo & Co. has agreed to pay $40 million to resolve allegations by the U.S. Securities and Exchange Commission that it inflated the value of a mutual fund heavily invested in mortgage-backed securities and then only revealed problems with the fund to select investors.
A federal judge has postponed a South Carolina bank’s suit against Safeco Insurance Co. of America while the parties work out an arbitration agreement to resolve a dispute over certain construction costs from a multimillion-dollar renovation of a Myrtle Beach hotel.
New Jersey law firm Kwasnik Rodio Kanowitz & Buckley PC is fighting a default judgment in a malpractice suit alleging its legal advice to a mortgage-modification business led to a Federal Trade Commission suit claiming the company misled consumers.
Credit Suisse SA has agreed to hand over $320,000 to settle claims from the court-appointed receiver seeking to recover funds for investors conned by a hedge fund adviser who pled guilty to masterminding a $1.1 billion investment fraud scheme.