Three U.S. trustees sued mortgage lender Countrywide Home Loans Inc. last week in three separate homeowners' bankruptcy cases, blasting the company's alleged “bad-faith conduct that abused the judicial process,” which they said was part of a nationwide, ongoing pattern.
Bank of America Corp. divulged Thursday that, despite its agreement to cooperate with the U.S. Department of Justice, one of its units may still be under scrutiny in a federal investigation into anti-competitive activities among bidders for municipal bond derivatives.
A Providence Equity Partners Inc. affiliate has sued Wachovia Bank NA in an attempt to force the bank to follow through on an earlier pledge to help finance the private equity firm's $1.1 billion purchase of 56 television stations from Clear Channel Communications Inc.
E-Trade has settled a lawsuit stemming from a $280 million all-stock deal it made with the now-bankrupt securities trading service provider MarketXT, ending years of litigation on both sides.
Wachovia Bank NA and two of its employees are being investigated by the U.S. Securities and Exchange Commission and the U.S. Department of Justice for possible wrongdoing related to municipal bond bid-rigging.
The federal district judge presiding over the bribery case involving Richard “Dickie” Scruggs has batted down a host of motions by the famed tort lawyer and the other defendants, paving the way for the case to continue proceeding to trial at the end of March.
Faro Technologies Inc. has struck a deal to resolve consolidated securities fraud litigation pending against the company for $6.9 million, but Faro and the three individual defendants named in the matter won't have to pay any money because the settlement is covered by insurance, the company said.
A few weeks after New Century Financial Corp. revealed a disclosure statement that left several key details blank, the bankrupt home lender filed an updated statement with new information on claims and planned distribution.
Prudential Financial Inc. has been sued by a group of current and former employees for $6.5 billion in damages, alleging fraud and breach of contract claims, the company revealed Wednesday.
Ripples from the subprime mortgage meltdown continued to broach the insurance industry, as Swiss Reinsurance Co., the world's largest reinsurer, was hit with a shareholder suit after its guarantees of two large, risky pieces of debt forced it to take a $1.07 billion write-down late last year.
The U.S. Financial Industry Regulatory Authority has reached settlements with five investment firms for the allegedly improper sale of mutual funds, ordering them to pay more than $20 million to reimburse customers, along with $2.4 million in fines.
Democratic leaders and the White House are locking horns over a controversial housing bill aimed at tempering subprime mortgage market woes by helping homeowners faced with foreclosure.
The U.S. Department of Labor said Thursday that it would be holding a public hearing to discuss proposed changes to the Employee Retirement Income Security Act of 1974 that would require additional disclosure of 401(k) service provider compensation to plan participants.
A Massachusetts man who defrauded 250 investors of more than $20 million was sentenced Monday to 18 years in prison by a federal judge in Boston.
The European Commission put forth proposed guidelines on Wednesday aimed at making sovereign wealth funds more transparent, predictable and accountable in order to bring more stability to global financial markets.
Ropes & Gray LLP has set its sights on conquering the Midwest market, opening a new office in Chicago with the help of three new partners moving from Mayer Brown LLP.
Shareholders of investment bank UBS AG will stay out of the firm's books and records after voting down a measure proposed by a shareholder activist group that would have kicked off an investigation into the bank's subprime practices.
The European Commission opened an inquiry Wednesday to determine whether a German state-owned bank violated European Union rules by making billion-dollar payments to two private banks to rescue them from losses on their investments in American subprime markets.
A former UBS executive has pled guilty to multiple charges related to a scheme that netted millions through allegedly trading on inside information from his employer and Morgan Stanley & Co.
German bank HSH Nordbank AG is seeking to recover more than $275 million from UBS AG for alleged fraud involving investments linked to the mortgage market.