In a victory for the plaintiffs in the mammoth initial public offering securities class action, Credit Suisse Securities LLC will be forced to turn over documents related to an internal investigation, despite the bank's argument that the papers are protected as attorney work product.
Former Refco Inc. Chief Executive Phillip R. Bennett, who is already facing the possible equivalent of a life sentence after pleading guilty to 20 criminal counts on Friday, was sued by the U.S. Securities and Exchange Commission on Tuesday for concealing Refco's finances from investors.
A group of public pension funds has upped the stakes in its battle against Countrywide Financial Corp., lodging an amended complaint accusing the company of attempting to shield its officers and directors from liability by brokering a sweetheart deal with Bank of America, which plans to acquire the ailing home lender.
A judge has sided with health care giant Cigna Corp. in a feud with employees over changes to its retirement benefits, ruling the company's cash balance plan did not discriminate against older workers.
Credit Suisse is continuing an internal review after discovering a series of pricing errors that contributed to $2.85 billion in new write-downs that have reportedly sliced $1 billion from the banking giant's profits.
A former top executive of brokerage Trautman Wasserman & Co. has agreed to pay $60,000 to settle allegations that he participated in a scheme to defraud mutual funds through late trading.
Two Democratic lawmakers have asked U.S. Secretary of State Condoleezza Rice to deny the U.S. Export-Import Bank’s support for a controversial energy project controlled by the Russian government, saying it is in the national interest to do so.
Mutual fund group American Funds has reportedly settled a long-running lawsuit with the California attorney general alleging it defrauded customers by not disclosing that some funds it recommended had paid for the praise.
A group of the largest private equity firms in the U.S. is facing a purported class action by shareholders who claim the companies conspired to rig bids and divvy up the market for private equity services for leveraged buyouts.
A battle between a major private equity fund and one of the world's largest investment banks over an alleged $60 million fraud will be decided by a federal court, now that the bank has successfully petitioned for transfer from a Texas state court.
A federal investigation into the collapse of two Bear Stearns Cos. hedge funds last summer appears to be increasingly focused on a conference call that took place last April, with those probing the matter reportedly trying to determine whether investors were misled during that conversation.
Former Refco Inc. chief executive Phillip R. Bennett walked out of federal court in Manhattan Friday evening facing the possible equivalent of a life sentence, after pleading guilty to all 20 counts leveled against him by federal prosecutors in a January 2007 indictment.
A Heller Ehrman LLP report has found that L. Tersigni Consulting CPA PC improperly overbilled four clients in asbestos-related bankruptcies, giving probable cause that the bankrupt consulting firm overbilled clients in all of its asbestos cases, according to an examiner in the case.
The University of California has reached an $11.5 million settlement with Goldman Sachs over investment losses related to the collapse of Enron Corp.
PricewaterhouseCoopers has agreed to pay $30.5 million to settle claims that it contributed to SmarTalk Teleservices’ stock plunge, which led to the calling card company’s bankruptcy.
The U.S. Securities and Exchange Commission has expanded its investigation of the municipal bond market to include UBS AG, which disclosed that the agency is pondering an enforcement action against it.
Continuing its push for greater transparency in investment writing, the U.S. Securities and Exchange Commission has voted unanimously to propose amended rules that would force investment advisers to write a narrative brochure in plain English for current clients and potential investors.
Buried in the Senate's Patent Reform Act is a oft-overlooked provision that could provide relief to a number of banking giants facing a long-running patent lawsuit over check-imaging technology.
Solutia Inc. wants to question Citigroup Inc. CEO Vikram Pandit under oath about his bank's decision to renege on a $2 billion loan in the bankrupt chemical company's adversary suit accusing Citi and two other prominent banks of fraudulently violating an exit financing agreement.
Delphi Corp.'s bankruptcy exit plan, approved just two weeks ago, is now threatened by conditions in the credit market as the company's principal lenders reportedly find it difficult to syndicate a $6.1 million exit financing loan.