The top U.S. securities regulator disclosed information on Bear Stearns Cos.' liquidity situation in the weeks leading up to its collapse, saying the investment bank was a victim of "a lack of confidence, not a lack of capital."
It will cost struggling mortgage lender NovaStar Home Mortgage Inc. $2 million to put an end to an involuntary bankruptcy petition filed by one of the company's competitors.
A jump in the number of put options purchased just before the collapse of the once high-flying investment bank Bear Stearns Cos. has reportedly become the focus of a U.S. Securities and Exchange Commission investigation.
The South Korean Fair Trade Commission's new chief will reportedly examine suspicions of a cartel among banks next week, in a review that is expected to suggest whether the commission's hawkish tone towards business will change under his reign.
Former New Century Financial Corp. employees have slammed calls by creditors to keep secret the results of a probe into the subprime lender's accounting, saying the report is needed to weigh the odds of successfully suing over the lender's downfall.
In the wake of the collapse of the auction rate securities market last month, two more investment banks have been hit with lawsuits alleging that they misled investors about the investment vehicles.
Responding to the growing crisis in the debt market, law firm Bryan Cave LLP has launched a subprime lending team to tackle the wide variety of complications clients may face as a result of the widening credit crunch.
Homeowners hit by Hurricane Katrina are accusing Countrywide Home Loans Inc. of reneging on promises it made to defer mortgages without penalties, instead subjecting customers to costly loan modifications.
A judge has dismissed a class action that alleged Legg Mason Inc. and Citigroup Inc. defrauded investors by omitting details of a secondary public offering following a multibillion-dollar unit swap in 2005.
A judge has refused to dismiss a lawsuit brought by the U.S. Securities and Exchange Commission alleging that three defendants hacked into the brokerage accounts of others and used them to manipulate the prices of 14 stocks.
A World Mortgage Co. employee launched a proposed class action Monday, claiming the Wachovia subsidiary's failure to pay certain workers overtime violates both the Fair Labor Standards Act and the Employee Retirement Income Security Act.
Federal prosecutors have decided to pursue a new, separate fraud charge against one of the former KPMG International employees who already stands accused of engaging in a massive tax shelter fraud.
As beleaguered investment bank Bear Stearns Cos. gears up to fight what promises to be a slew of lawsuits over its collapse, the bank has reportedly changed its bylaws to help employees involved in the defense of the suits pay for legal expenses.
The Pension Benefit Guaranty Corp. has proposed to change its method of calculating the liability an employer takes on when it withdraws from a multi-employer pension plan and the way unfunded vested benefits are allocated.
Sullivan & Worcester LLP has formed a new practice group to help clients handle the growing number of securities cases, bankruptcies and government investigations arising from the subprime mortgage crisis.
A federal judge has dealt a double blow to HSBC Mortgage Corp. in a wage-and-hour battle with its army of loan officers, striking some of the bank's defenses and granting class status to the disgruntled workers.
A judge has tossed out most of the claims in a copyright infringement lawsuit brought against a Citigroup Inc. subsidiary and its counsel by software company FM Industries Inc. over a program used to manage debt collection information.
A bankrupt telecommunications company may find itself at the center of the Chapter 11 case of a different company, after liquidators of Bancredit Cayman Ltd. alleged that the company may have stolen $120 million from the bank.
Despite the strenuous objections of the U.S. trustee in New Century Financial Corp.'s Chapter 11 case, a judge has given the nod of approval to the bankrupt lender's disclosure statement.
A putative class action against The Charles Schwab Corp. claims the company failed to give investors accurate information about the risks of two mutual funds set up to invest in mortgage-backed securities. The funds have decreased significantly in value over the past several months.