Though Wall Street's biggest banks have already been hit hard by the subprime mortgage crisis, for some players in the industry, the worst is yet to come. A new report projects that providers of directors' and officers' liability insurance could face $3.6 billion in costs stemming from subprime-related litigation.
After a bitter fight, a federal judge has sided with State Farm Insurance Co. in a dispute with Mississippi Attorney General Jim Hood over the insurer's handling of Hurricane Katrina claims.
It may prove difficult for U.S. officials to regulate the participation of sovereign wealth funds in U.S. capital markets, the U.S. Securities and Exchange Commission's top enforcer told a bipartisan panel Thursday.
Consumer credit reporting agency Equifax Inc. has dodged a competition lawsuit filed by a company that often purchases its reports, after a federal judge ruled that Equifax had not engaged in anti-competitive behavior.
National home loan lender American Equity Mortgage Inc. has been hit with a collective action for classifying its loan officers as exempt from receiving overtime wages.
Memorizing a client list and using it as part of a competing business is a violation of trade secrets law, even if the information is not taken in a physical form, the Ohio Supreme Court ruled on Wednesday in a case involving an actuarial firm.
A mutual fund will likely be allowed to push a proposal to Lehman Brothers Holdings Inc. shareholders that questions the bank's stance on environmentally friendly policies.
Just a few months after a Texas county court handed down a verdict in a case filed against TerreStar Corp. by Highland Crusader Offshore Partners LP over a proposed share swap, the parties are heading back to court to dispute the same deal.
A former business partner of the president-elect of South Korea will have to pay $50 million in damages to investors in his venture capital firm, after a U.S. federal court ruled Wednesday that he had manipulated stock prices and embezzled from the firm.
Faced with the news that three top banks are backing out of an agreement to finance Solutia Inc.'s exit from Chapter 11 with a $2 billion loan, the company has accused the underwriters of fraudulently violating the agreement's terms and is trying to force the banks to follow through.
A former principal and managing director of KPMG Consulting LLC has agreed to pay $80,000 to settle allegations brought by the U.S. Securities and Exchange Commission that he participated in a massive fraud at Peregrine Systems Inc.
After spending months getting approval for its reorganization plan, Solutia Inc. saw its underwriters withdraw their offer of a $2 billion loan last week – and experts say that, in the midst of a growing liquidity shortage, other debtors may find themselves in similar straits.
Federal antitrust regulators have suggested changing the rules to bar futures exchanges from controlling their own clearing mechanisms, arguing that the current system potentially hinders competition among exchanges.
An unorthodox ERISA case filed by investors claiming that their pension fund breached its fiduciary duty by selling a stock just before the price increased has ended in a victory for investment manager State Street Bank and Trust Co., after a judge ruled in favor of the bank and tossed the case.
A proposed class of Sallie Mae investors has accused the student lending giant of failing to promptly disclose some cutbacks it made and losses it sustained during 2007 due to the tightening credit market and new federal legislation.
Though bankrupt home lender New Century Financial Corp. has filed its Chapter 11 reorganization plan, the document leaves blank several key details, including how the company will pay the $35 billion in claims that have been filed in the bankruptcy proceedings.
The managing director of disgraced securities company AmeriFirst Funding Inc. has been found in contempt for violating an asset freeze imposed after he was accused of conning elderly investors out of roughly $35 million, by selling a painting that was included in the freeze.
A judge in Chicago agreed to put the brakes on a $350 million adversary proceeding that charges three former top executives of bankrupt money manager Sentinel Management Group Inc. with accounting fraud. During the stay, the defendants and the Chapter 11 trustee who filed the suit will try to work out a settlement.
The financial firm Ritchie Capital Management LLC, its chief executive and its affiliated hedge fund agreed on Tuesday to pay $40 million to bury the U.S. Securities and Exchange Commission's illegal trading charges.
The “My Life. My Card.” ad campaign for American Express, which has featured celebrities such as Robert De Niro and Kate Winslet, can continue unimpeded, now that a federal appeals court has rejected a trademark challenge to the slogan.