With the outlook on Wall Street becoming bleaker by the day, Lehman Holdings Inc. is now also locked in a battle with the Internal Revenue Service over an estimated $685 million in total tax benefits that the brokerage giant previously reported.
Daniel Marino on Tuesday became the second of three prominent former executives at collapsed hedge fund group Bayou Management LLC to be sentenced for securities fraud, with a federal judge ordering him to serve 20 years in prison.
People's Choice Home Loan Inc. has asked the court overseeing its Chapter 11 proceedings for an extension of its exclusivity rights through the end of March, arguing that a competing plan would be a distraction.
Subprime mortgage lenders can now add the Federal Bureau of Investigation to the list of agencies taking a closer look at their lending practices, after the FBI reportedly launched an investigation into 14 mortgage companies.
An association of Societe Generale shareholders and former employees has said it will file a criminal complaint to gain access to the depositions and testimony associated with a judge's inquiry into the scandal at the French bank.
Insurance and investment company American International Group Inc. has agreed to pay $12.5 million to nine states and the District of Columbia to put to rest allegations that the company participated in a bid-rigging scheme in the commercial insurance market.
Broker-dealer Heartland Advisors has settled charges by the U.S. Securities and Exchange Commission that it lost $60 million of shareholders' money when it fraudulently mispriced bonds held in mutual funds it was being paid to manage.
Israel Discount Bank has sued MetLife Inc. and investment adviser BlackRock Inc. for allegedly investing life insurance funds into subprime-mortgage-backed securities, then refusing to honor the bank's request to invest the funds elsewhere.
A former Milberg Weiss LLP client will serve six months in home detention and pay a $600,000 fine for taking illegal kickbacks to serve as the lead plaintiff in multiple securities class actions.
A federal judge has tossed a lawsuit filed by the U.S. Securities and Exchange Commission over a private investment in public equity transaction, marking the third time the SEC's attempts to litigate a PIPEs case have been denied.
A real estate developer will collect a $42.5 million settlement from an insurance company in a case over damage done to a Florida condominium project by a hurricane in July 2005.
A California appeals court has ruled that the Securities Litigation Uniform Standards Act prevents a group of trust fund holders from filing a class action against Wells Fargo for breach of duty.
The state of California has brought an action against UnitedHealth Group Inc. unit PacifiCare, saying the company mishandled 130,000 claims and may need to pay the state more than $1.6 billion in fines to make good.
Allegheny Energy Inc. will pay $50 million to buy out investment bank Merrill Lynch & Co.'s remaining stake in an Allegheny subsidiary, ending a long dispute over Allegheny's 2001 purchase of Merrill's energy trading arm.
A report by Russian authorities clearing PricewaterhouseCoopers LLC of wrongdoing in the collapse of Russian oil firm Yukos was not enough for a Moscow court, which refused Monday to consider the institution's appeal.
As part of an arrangement that will net the company $31 billion in new financing, student lender SLM Corp. will drop the suit it filed against a prospective-buyer group that includes Bank of America and JPMorgan Chase to enforce the terms of a failed April 2007 merger deal.
A former Dow Jones & Co. director who faced possible accusations by the U.S. Securities and Exchange Commission of insider trading in News Corp.'s $5 billion bid for Dow Jones has tentatively settled with the U.S. Securities and Exchange Commission for over $8 million, the Financial Times reported Monday.
A former partner at Arthur Andersen LLP who audited Enron Corp.'s financial statements has settled a civil action brought by the U.S. Securities and Exchange Commission, the SEC said Monday.
An appeals court ruled on Monday that two doctors could sue a bank for breach of fiduciary duty under the Employee Retirement Income Securities Act individually, rather than on behalf of their pension plan.
JP Morgan Chase & Co. and HSBC Finance Corp. have been hit with putative class action overtime lawsuits in federal court in California, seeking relief for a nationwide collective class under federal wage-and-hour law.