The European Commission has launched an investigation into whether the Netherlands violated European rules for using state aid in its efforts to prop up Fortis Bank Nederland during the financial crisis by providing massive loans with too-low interest and overpaying for ABN Amro's Dutch banking operations.
The U.S. Securities and Exchange Commission on Wednesday asked the judge in its case against Bernard L. Madoff to put a stop to efforts by customers of Bernard L. Madoff Investment Securities LLC to force the disgraced financier into involuntary bankruptcy.
A judge has certified a class in a suit against NovaStar Financial Inc. alleging the one-time subprime mortgage lender caused millions of dollars in losses to workers' retirement accounts and breached federal laws by investing in its own struggling shares.
Fred F. Fielding, who served as counsel to President George W. Bush and also worked in the Reagan and Nixon administrations, has rejoined Morgan Lewis & Bockius LLP, the same firm where he got his start as a summer associate in 1963.
As a successor to failed thrift Washington Mutual Bank, JPMorgan Chase Bank NA is finalizing a settlement agreement with Zurich American Insurance Co. in a dispute over coverage for losses stemming from improperly underwritten loans from lender CMS Mortgage Services.
A judge has given partial victories to both sides in an $82 million lawsuit brought by M&T Bank Corp. against Deutsche Bank AG over securities whose value plunged with the subprime crash, ruling that the case will proceed while rejecting some causes of action.
A New Orleans law firm has filed a class action against State Street Corp., alleging the institutional money manager used funds from its clients' retirement plans to engage in reckless securities lending that lost the plans hundreds of millions of dollars over the past year.
A federal court has ordered British former hedge fund operator Glenn Manterfield to pay nearly $3 million in disgorgement and penalties for allegedly running a fraudulent hedge fund in Boston that cost investors at least $15 million.
A judge has dismissed allegations of insider trading against three former executives of mortgage lender Countrywide Financial Corp., but allowed the claims to stand against ex-CEO Angelo Mozilo, in a shareholder suit accusing the executives of profiting from inflated share prices while the company suffered significant losses.
A federal judge has significantly slashed a $400 billion lawsuit against 32 corporate giants for allegedly helping the South African government continue its apartheid policies, including tossing claims against UBS AG and Barclays PLC.
A Delaware judge on Wednesday refused to dismiss a “faithless fiduciary” case in which Deloitte LLP accused one of its former partners of concealing his securities trades involving companies being audited by the accounting firm.
A federal appeals court has shot down a bid by investors with more than $250,000 in accounts controlled by billionaire banker Robert Allen Stanford to access the funds in the accounts, which are currently frozen while the U.S. Securities and Exchange Commission investigates Stanford's alleged $8 billion Ponzi scheme.
The trustee in charge of liquidating Bernard L. Madoff's collapsed investment firm is set to auction off its market-making business for as much as $15 million, now that the bankruptcy court has approved the sale procedures.
First Bank is trying to recover about $5 million from Chubb Insurance Co. subsidiary Federal Insurance Co. that the bank says it lost through fraudulent transactions after a data security system was breached.
A judge overseeing the Chapter 11 proceedings of Mortgage Lenders Network USA Inc. has agreed to give the bankrupt home lender three more months to sue a commercial lending unit of the Royal Bank of Scotland Group PLC to recover alleged fraudulent transfers and overpaid interest.
With its auditor voicing doubts about Corus Bankshares Inc.’s ability to absorb continuing losses, the teetering real estate lender is looking for buyers as a way to avoid receivership or liquidation.
A federal judge has frozen the assets of three Florida men and two companies that the U.S. Commodity Futures Trading Commission has accused of operating a fraudulent commodity pool and taking investors for $17 million.
Mayer Brown LLP has moved to throw out the sole claim remaining against it in a lawsuit brought by a group of investment funds in connection with the collapse of brokerage firm Refco Inc., saying the plaintiffs have failed to plead fraud with particularity, among other things.
Investment firm Third Avenue Management LLC has sued two subsidiaries of MBIA Inc. for allegedly defrauding holders of the bond insurer's debt in a recent corporate restructuring that split MBIA's public finance insurance business from its structured finance insurance business.
Two months after plaintiffs in a putative antitrust class action over ATM fees abandoned naked price-fixing allegations, a federal judge has signed off on the stipulated dismissal of JPMorgan Chase & Co. while a slew of other banks have asked the court to drop the plaintiffs' latest complaint over charges in First Data Corp.'s network.