Bankrupt consulting firm BearingPoint Inc. has received bankruptcy court approval to sell a substantial portion of its North American commercial services unit and other assets to PricewaterhouseCoopers LLP for $44 million.
A former New York Stock Exchange trader under fire for alleged improper floor trading activity while working at Fleet Specialists Inc. has settled a securities fraud action brought against him and 19 other Wall Street specialists by the U.S. Securities and Exchange Commission.
An appellate court has dismissed a $70 million lawsuit accusing Abbott Laboratories of cheating a Cayman Islands-based investment firm out of royalties when the pharmaceutical company stopped developing the ZoMaxx stent, sending the dispute into arbitration.
The treasurer and board of commissioners of a Colorado county have objected to Lehman Brothers Holdings Inc.'s motion to sell smaller assets in its bankruptcy proceedings, saying the county could lose money from tax liens on properties owned by debtor LB Rose Ranch LLC.
A federal judge has ruled that Bank of America Corp.'s “Keep the Change” program does not infringe Every Penny Counts Inc.'s patent for a system that allows consumers to save a portion of a credit or debit transaction, ruling that the U.S. Court of Appeals for the Federal Circuit's decision in In re: Bilski invalidates the patent.
New York Life Investment Management LLC has agreed to pay about $6.2 million to settle allegations by the U.S. Securities and Exchange Commission that it failed to provide a mutual fund with adequate information about steep management fees that the investment adviser subsequently mischaracterized in regulatory filings.
Citigroup Global Markets Inc. is reported to have begun early settlement talks with U.S. Securities and Exchange Commission attorneys over an investigation into whether Citi failed to take proper steps to alert investors to the amount of toxic mortgage-backed assets it held as the market began imploding in 2007.
American International Group Inc. subsidiary United Guaranty Corp. has renewed efforts to dismantle a federal suit brought against it by Countrywide Bank FSB seeking coverage for losses on defaulting subprime mortgages, arguing that a decision on Countrywide's claims cannot come through declaratory judgment.
After recovering almost $200 million from Goldman Sachs Group Inc. and Morgan Stanley, liquidators overseeing General American Life Insurance Co. have gone after Dewey & LeBoeuf LLP, claiming the law firm's bad advice on a sale and an investment strategy cost the insurer $1 billion and led to its collapse.
In a consolidated class action over subprime mortgage-backed investments offered by Merrill Lynch & Co. Inc., a federal judge has reaffirmed a Mississippi public pension fund as lead plaintiff, citing a retainer agreement between a rival fund and its counsel, Coughlin Stoia Geller Rudman & Robbins LLP.
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have accused 16 brokers of a defunct brokerage firm of falsely marketing investments in derivatives of mortgage-backed securities as safe and suitable for retirees and others with conservative investment goals.
Mortgage broker U.S. Capital Funding LLC has agreed to overhaul its fee policies and compensate overcharged black and Latino customers in order to resolve a housing discrimination suit brought by New York Attorney General Andrew Cuomo.
SunTrust Banks Inc. has struck a deal with technical support specialists in a consolidated Fair Labor Standards Act collective action accusing the financial institution of failing to pay the workers overtime wages.
A group of investors leading consolidated litigation against UBS AG over the collapse of the auction rate securities market has moved to step aside as lead plaintiff in the action after a judge ruled the group had forfeited its right to damages in accepting a buyback offer from the investment bank.
The European Commission on Wednesday unveiled its plan for financial system regulatory reform, complete with the creation of a European systemic risk regulator and a new regulator to monitor individual financial institutions.
The head of Pequot Capital Management Inc. told investors Wednesday that he was shuttering the hedge fund because an insider trading probe had "cast a cloud" over the firm.
The U.S. Securities and Exchange Commission has filed suit against California investment adviser Jacques R. Gendreau, alleging that he misrepresented his strategies for clients' funds as being low-risk and, contrary to his clients' instructions, engaged in high-risk investing that led to heavy losses.
UBS Financial Services Inc. has secured a preliminary injunction against three former brokers accused of stealing confidential client information when they defected to rival Morgan Stanley earlier this month.
Nixon Peabody LLP has added to the capabilities of its global finance team and its restructuring practice with the addition of Douglas Schneller as a partner in the law firm's New York office.
BankUnited FSB, the largest independent bank in Florida, has filed for Chapter 11 bankruptcy protection as part of a deal brokered by the Federal Deposit Insurance Corp. to sell the failed bank's operations, deposits and assets to a consortium of private equity investors that will pump $900 million of new capital into a newly chartered savings bank.