Two Michigan pension funds reportedly must wait a few more days to know whether their attempt to hold off the buyout of Bear Stearns Cos. by rival JP Morgan Chase & Co. has been successful.
An investment bank that says it and its customers own more than $100 million in Dura Automotive Systems Inc. bonds has objected to Dura's revised disclosure statement, saying it doesn't allow claim holders to decide whether Dura's proposed restructuring plan is a better alternative than liquidation.
U.S. Treasury Secretary Henry M. Paulson Jr. on Monday officially unveiled his long-promised plan to overhaul the U.S. financial regulatory structure, as opponents lined up to detail their concerns with the sweeping, 218-page blueprint.
Just a few weeks after filing its Chapter 11 reorganization plan and disclosure statement, People's Choice Home Loan Inc. has made a series of minor changes to the documents, filing an amended plan detailing the distribution of the company's assets.
A former New York partner at Latham & Watkins LLP reportedly pled guilty Friday to defrauding the firm and its clients of hundreds of thousands of dollars.
Investors have struck again in the aftermath of the auction rate securities market crash, this time setting their lawyers on Wall Street giant Merrill Lynch & Co. Inc.
Pentagon Capital Management Plc is planning to liquidate its funds after learning that the U.S. Securities and Exchange Commission will probably bring civil litigation against it over allegations related to market timing.
A federal judge has blocked a Boston-based Bear Stearns Cos. executive from working for rival firm Morgan Stanley & Co. Inc., at least for now.
In a settlement with the U.S. Federal Trade Commission following what has been called the largest retail security breach in U.S. history, discount retailer TJX Cos. Inc. has agreed to implement a comprehensive security program and be audited by security professionals every other year for 20 years.
The U.S. trustee overseeing Sharper Image Corp.'s Chapter 11 case has opposed the retailer's request to retain a financial consulting firm founded by the debtor's new chief executive.
Bankrupt subprime lender Fieldstone Mortgage Co. has won three more months to come up with a reorganization plan, though it is less time than the company asked for to negotiate and create a plan.
JP Morgan Chase NA will shell out more $2 million to quell U.S. Securities and Exchange Commission charges over the financial services firm's alleged role in the fraud leading up to National Century Financial Enterprises Inc.'s 2002 collapse into bankruptcy, a collapse the SEC said cost investors $2.6 billion.
The Class Action Fairness Act of 2005 was enacted to stop class action lawsuit abuse by preventing forum-shopping in plaintiff-friendly state courts. After three years of litigation under the act, experts say problems continue to persist in the class action system — and some of those ills are a direct effect of the law.
An appeals court has reversed a partial summary judgment grant in favor of a former Fannie Mae lawyer who claimed her bipolar disorder was a physical illness that allowed her to receive disability benefits past the two-year limit for mental illness.
The founder of National Century Financial Enterprises has been found guilty of trying to bribe a former colleague to stop her from testifying in his upcoming trial over an alleged scheme to fleece the health care lender's investors out of billions of dollars.
The U.S. Internal Revenue Service objected to People's Choice Home Loan Inc.'s Chapter 11 liquidation plan on Friday, saying the bankrupt mortgage lender needed to be clearer about when the plan would become effective and when it would pay its taxes.
The bankruptcy court overseeing the Chapter 11 proceedings of American Home Mortgage Holdings Inc. has extended the exclusivity period for the lending company to file a plan and solicit acceptances as it tries to settle pending disputes.
Armed with a newly released report compiled by New Century Financial Corp.'s bankruptcy examiner, the U.S. trustee in the case will almost certainly bring a malpractice lawsuit against the company's auditor, KPMG, against some of its executives and possibly even against its law firm, O'Melveny & Myers LLP, according to experts following the proceedings.
Law firms are bolstering their Islamic finance practices as they look to help clients into the estimated $1 trillion in investment capital up for grabs in the natural-resource-rich Middle East. But experts say the skills of some attorneys being drawn to the burgeoning field lag behind their enthusiasm.
Delta Financial Corp. has asked the bankruptcy court to extend its exclusive control of its Chapter 11 proceedings for two months while it puts together a plan of liquidation and told the court that it plans to vacate its headquarters in Woodbury, N.Y., by March 31.