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Banking
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February 7, 2008
Subprime Suits May Cost Insurers $3.6B: Report
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.
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February 7, 2008
Mississippi AG Forced To Retreat In State Farm Spat
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.
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February 7, 2008
Sovereign Wealth Funds Raise Questions At SEC
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.
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February 7, 2008
Judge Throws Out Antitrust Suit Against Equifax
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.
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February 7, 2008
Loan Officers Sue American Equity Mortgage Over OT
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.
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February 7, 2008
Court Says Using Memorized Trade Secrets Illegal
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.
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February 6, 2008
SEC Denies Lehman Bid Over Global Warming Review
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.
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February 6, 2008
Wireless Co., Hedge Fund Battle Over Shares
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.
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February 6, 2008
Korean Businessman To Pay $50M For Stock Scandal
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.
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February 6, 2008
Solutia Sues Banks Over $2B Exit Loan
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.
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February 6, 2008
Ex-KPMG Director Settles In Peregrine Case
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.
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February 7, 2008
Liquidity Crunch May Hobble Debtors' Ch. 11 Exit
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.
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February 6, 2008
DOJ Questions Exchange-Owned Futures Clearing
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.
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February 6, 2008
Judge Tosses State Street ERISA Case
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.
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February 5, 2008
Sallie Mae May Face Class Action By Investors
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.
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February 5, 2008
New Century Files Sparse Reorganization Plan
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.
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February 5, 2008
AmeriFirst Exec In Contempt For Selling Picture
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.
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February 5, 2008
$350M Suit Delayed As Sentinel Execs, Trustee Talk
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.
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February 5, 2008
Ritchie Capital To Pay $40M For Late Trading Scheme
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.
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February 5, 2008
AmEx Prevails In “My Life. My Card.” Trademark Suit
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.