The trustee overseeing the Chapter 7 liquidation of failed mortgage lender Alliance Bancorp has reached a deal with GMAC Mortgage Inc. to terminate a loan servicing agreement, a move that will see nearly $1 million put into Alliance's liquidation fund if approved by the court.
An investor has launched a proposed class action against the executive officers of bankrupt student lender MRU Holdings Inc., alleging the defendants lied about the market for student loan-backed auction rate securities in order to generate enough capital to originate more loans and collect fees.
New York City's comptroller has launched an investigation into whether the private equity firm Quadrangle Group LLC intentionally deceived a city pension fund about the identities of placement agents the firm used, which may have included indicted political adviser Hank Morris.
Two new lawsuits have been filed on behalf of investors claiming funds and their managers carelessly invested customer money in Bernard L. Madoff's massive Ponzi scheme.
A federal appeals court has overturned a district court order imposing nonmonetary sanctions on Dorsey & Whitney LLP and its partner for their conduct in representing Wolters Kluwer Financial Services Inc. in a trade secrets dispute, but upheld reprimands against a former Dorsey partner who led the case.
A federal court has appointed a lead plaintiff and consolidated two class actions brought by investors claiming that Chinese solar cell maker JA Solar Holdings Co. Ltd. failed to reveal a $100 million investment with a Lehman Brothers Holdings Inc. unit in the months before the investment bank filed for Chapter 11.
The trustee overseeing the liquidation of Bernard L. Madoff's investment firm has sued two investment funds that allegedly withdrew $255 million less than three months before the firm collapsed and went into bankruptcy.
The New York branch of Doha Bank has agreed to pay the U.S. Department of the Treasury $5 million to settle allegations that the Qatar-based bank violated a federal law designed to curtail money laundering by failing to identify and monitor suspicious fund transfers and other activities.
Duane Morris LLP has pulled in a corporate finance attorney formerly of Seyfarth Shaw LLP with extensive transactional experience to beef up the firm’s corporate securities and venture capital practice groups in New York.
A judge has ordered trustee Wells Fargo NA to hold onto more than $137 million in proceeds from a disputed credit default swap agreement between Lehman Brothers Special Financing and one of its partners, pending a decision on Wells Fargo’s interpleader motion to determine who will receive the payout.
The Antiguan court-appointed liquidators overseeing the assets of Stanford International Bank Ltd., which is implicated in founder Robert Allen Stanford's alleged $8 billion Ponzi scheme, have asked a federal court to allow them to file a Chapter 15 bankruptcy petition.
TD Banknorth Inc. has struck a deal with a class of former stockholders for $50 million to resolve an action arising out of its going-private merger, significantly upping an earlier $3 million proposed settlement rejected by a Delaware court two years ago.
A federal judge has allowed breach of contract and aiding and abetting fraud charges to stand against Bank of America Corp. in a $252 million lawsuit brought by an insurance software company alleging that the bank signed off on fraudulent stock transfers.
Bankrupt subprime lender Fremont General Corp. has struck deals with the Massachusetts attorney general over allegations of deceptive lending practices and the California insurance commissioner over claims of improper insurance transactions.
The federal judge overseeing criminal proceedings against Bernard L. Madoff signed a restraining order Monday, blocking an attempt by investors in the fraudster's firm to push him into involuntary bankruptcy, although questions remain about who will be in charge of the liquidation of his assets.
Although it has not conceded the validity of their claims, bankrupt American Home Mortgage Holdings Inc. has set aside $1.7 million for possible distribution to employees who sued the company in 2007 for allegedly terminating them without fair warning.
The U.S. Securities and Exchange Commission has accused the president of Pennsylvania investment firm Acorn Capital Management LLC of misappropriating $23 million of investors' funds to support his lavish lifestyle.
Billionaire banker Robert Allen Stanford, who is accused of running an $8 billion Ponzi scheme, is appealing a district court's decision to hand his companies over to a receiver and freeze his assets.
The lack of liquidity in the credit markets has led title lending company TitleMax Holdings LLC to take refuge in Chapter 11 protection, which the company hopes will provide it with the necessary leeway to reorganize its capital structure.
In a bid to change executive pay practices and have a king's ransom in “questionable” compensation returned, the Service Employees International Union is demanding that the boards of directors at 29 companies — including Goldman Sachs Group Inc., American International Group Inc. and MetLife Inc. — investigate more than $5 billion in executive pay.