A Goldman Sachs Group Inc. subsidiary and 13 other specialist firms will pay $70 million in disgorgement and penalties to settle the federal government's charges of illegal proprietary trading, the U.S. Securities and Exchange Commission has announced.
French bank BNP Paribas SA has reportedly failed in its quest to force UBS AG to hand over an estimated €2.5 million, unable to hold the Swiss bank liable for purportedly channeling money into funds run by disgraced financier Bernard Madoff.
A federal judge has ruled that Allied World Assurance Co. (US) Inc. and Arch Insurance Co. are not required to provide coverage to certain former directors and officers of Refco Inc., but denied XL Specialty Insurance Co.'s bid for the same relief.
The U.S. Department of Labor has sided with a lawyer who blew the whistle on a now-bankrupt medical equipment financing company's alleged securities fraud, in a case her attorneys tout as the first Sarbanes-Oxley Act victory to survive an administrative appeal.
Frustrated clients of Houston-based broker-dealer and investment adviser Stanford Group Co. — which has been implicated in a multibillion-dollar Ponzi scheme — have accused the government of wrongly freezing their assets when the scandal was uncovered last month.
Starr International Co. Inc. may have fired the opening salvo, but American International Group Inc. appears to be winning the war over conversion, with another judge refusing to toss the insurer's counterclaim that Starr misappropriated hundreds of shares of its stock while under the command of erstwhile AIG CEO Maurice “Hank” Greenberg.
Mortgages Ltd. has filed a reorganization plan in its Chapter 11 case that calls for continuing loan operations through a reorganized company and establishing a trust to liquidate some of its assets and handle litigation.
A New York appeals court has affirmed a ruling in favor of Zurich American Insurance Co. in a spat with Wells Fargo Bank NA over insurance coverage for environmental damage from leaking underground storage tanks at gas stations the bank had mortgaged.
Two intervenors in the federal case against banker Robert Allen Stanford have filed a motion to unfreeze their Pershing LLC assets, which they say are not tied to the alleged $8 billion Ponzi scheme.
The lead plaintiffs in a consolidated securities class action that accused PNC Financial Services Group Inc. unit Sterling Financial Corp. of artificial stock inflation have asked a federal court to preliminarily approve a $10.25 million settlement on behalf of thousands of purchasers of Sterling stock.
Federal Reserve Chairman Ben S. Bernanke blasted crumbling insurance giant American International Group Inc. in U.S. Senate testimony Tuesday, saying that the actions of the world's largest insurance company made him angry and that the company was being recapitalized for the sole purpose of selling off its noncore assets.
A federal judge has signed off on a second settlement worth about $20 million in stock in a securities fraud class action against bankrupt Italian dairy giant Parmalat SpA and its financial and accounting advisers, on top of a $50 million agreement approved a year and a half ago.
Several hundred former mortgage loan officers for H&R Block Inc. have asked a federal court to certify a class action for their California state law claims in a suit filed against the company's former mortgage loan subsidiaries to recover unpaid wages for overtime work.
Leery of a “sweetheart deal” against nonsettling parties, a federal judge has put the kibosh on a proposed settlement between Bank of America NA and several insurers embroiled in a coverage dispute.
An amicus brief is urging the U.S. Supreme Court to weigh in on a lower court’s decision in the In re: Bilski case, claiming the ruling imposes a far too rigid test on what business methods are patentable and puts innovations by software, finance and life sciences companies in question.
Restrictions on executive compensation won't apply to the government's Term Asset-Backed Securities Loan Facility because of a desire to encourage market participants to avail themselves of the facility, which the Federal Reserve and Treasury Department say has the potential to generate up to $1 trillion in lending.
Lehman Commercial Paper Inc. and Metropolitan Life Insurance Co. have settled a dispute related to two $500 million notes purchased by MetLife secured against mortgages held by Lehman, now in default as a result of Lehman's bankruptcy.
A judge has squashed the hopes of Deloitte Touche Tohmatsu and its U.S. subsidiary for an interlocutory appeal in a securities fraud class action against bankrupt Italian dairy giant Parmalat SpA and its financial and accounting advisers.
Accounting giant PricewaterhouseCoopers LLP has reached a $5.8 million settlement with the state of New Jersey in a long-running suit alleging that a group of public pension funds lost $100 million as a result of a massive accounting fraud scandal at Tyco International Ltd., which PwC audited.
The lead plaintiffs in a class and collective action of consolidated overtime compensation suits against securities firm A.G. Edwards & Sons Inc. have asked a federal court to approve a special master's recommendation for divvying up a proposed $12 million settlement.