BankingRSS

  • March 7, 2008

    Former A.G. Edwards Trader Draws 3-Year Sentence

    A judge sentenced a former A.G. Edwards & Sons Inc. trader to three years in prison Thursday, ending allegations that he was involved in inappropriate stock loans and profited off his former employer.

  • March 7, 2008

    SEC Sues Certified Services CEO Over $30M Scheme

    The U.S. Securities and Exchange Commission has accused former executives of human resources services company Certified Services Inc. of being part of a scheme to siphon off about $30 million from the company's coffers.

  • March 7, 2008

    Dickstein Shapiro Snags Two Antitrust Partners

    Dickstein Shapiro LLP has expanded its antitrust and financial services capabilities with the addition of two new partners in its New York office.

  • March 7, 2008

    CBOT Members Reject CME Group Settlement Offer

    The dispute between two Chicago exchanges over voting rights will continue now that Chicago Board of Trade members have reportedly rejected an $850 million settlement offer from the Chicago Board Options Exchange.

  • March 7, 2008

    U.S. Lawmakers Take On Credit Card Interchange Fees

    Already under pressure from consumers and regulators over claims its interchange fees run afoul of antitrust laws, MasterCard now faces the squeeze from U.S. lawmakers intent on reining in the power of the credit card giant.

  • March 6, 2008

    Winston & Strawn Picks Up White-Collar Prosecutor

    Decorated white-collar crime prosecutor Thomas L. Kirsch II has left the U.S. attorney's office in northern Indiana to join international law firm Winston & Strawn LLP's Chicago litigation unit.

  • March 6, 2008

    Alston & Bird Forms Subprime Task Force

    Alston & Bird has become the latest law firm to assemble a task force to address the legal problems caused by the subprime mortgage crisis, launching a subprime mortgage markets initiative to guide clients through the fallout caused by the credit crunch.

  • March 7, 2008

    Foreign Investors Booted From SCOR Class Action

    While certifying a class of U.S. investors, a New York federal judge refused Thursday to allow foreign investors to proceed with securities fraud claims against Swiss insurance company SCOR Holding (Switzerland) AG.

  • March 6, 2008

    Feds Nab Ex-Doral Treasurer In $4B Fraud Case

    The former treasurer of Doral Financial Corp. has been indicted over his alleged role in a massive securities fraud scheme that is believed to have cost the Puerto Rico-based mortgage lender’s shareholders an estimated $4 billion.

  • March 6, 2008

    Judge Nixes Equifax Bid To Toss Antitrust Suit

    From victory to defeat, consumer credit reporting agency Equifax Inc. has lost a bid to throw out an antitrust action filed in Minnesota's federal court, a month after persuading a judge in Ohio to scrap a separate competition suit.

  • March 7, 2008

    Sallie Mae Class Action Targets Subprime Exposure

    Lender Sallie Mae has been hit with another proposed class action alleging the student loan giant violated federal securities laws by making false statements about the extent of its subprime exposure.

  • March 6, 2008

    Allstate, FedEx, Dell Sued Over Networking Patents

    Software development company WebXchange Inc. has filed patent suits against Allstate Corp., Dell Inc. and FedEx Corp., claiming the companies’ Web sites and software systems infringe three patents.

  • April 14, 2008

    In China, Make Sure 'Guanxi' Doesn't Mean Bribery

    The image of China as the Wild, Wild East, where companies must pay to play, has become deeply ingrained in the Western mindset. But trying to develop “guanxi” without really understanding its implications will cause your business to be mired in trouble on both sides of the ocean, say experts.

  • March 5, 2008

    Sentinel Trustee Sues BoNY For $550M

    The Chapter 11 trustee in the bankruptcy of money manager Sentinel Capital Management has initiated another adversary proceeding, this time seeking $550 million from The Bank of New York for its role in Sentinel's collapse.

  • March 5, 2008

    Lawyers Say NYSE Data Flawed

    Lawyers defending specialist traders against allegations that they cheated investors reportedly told a U.S. Securities and Exchange Commission administrative law judge that the New York Stock Exchange's trading data was too flawed to convincingly show improper trading activity.

  • March 5, 2008

    SEC Proposes Streamlining ETF Exemption Process

    The U.S. Securities and Exchange Commission has proposed two new rules, which, if approved, will allow certain funds to trade without obtaining an exemption from regulators.

  • March 5, 2008

    National Century Execs' Lose Bid For Acquittal

    Former executives of bankrupt National Century Financial Enterprises Inc., who are standing trial in Ohio for fraud, will continue their defense after a federal judge ruled against their request for acquittal.

  • March 5, 2008

    Charges Loom In Municipal Bond Probe: Report

    More than two dozen people and a slew of financial giants are reportedly going to be charged in connection with a long-standing federal investigation into alleged anti-competitive activities among bidders for municipal bond derivatives.

  • March 5, 2008

    Trustee Claims Countrywide Acted In Bad Faith

    In the latest in a series of lawsuits against Countrywide Home Loans Inc., a U.S. trustee has accused the mortgage lender of acting in bad faith in the bankruptcy of a Florida couple.

  • March 5, 2008

    Federal Investigators Probe Trader In $141M Loss

    Prosecutors are reportedly investigating a rogue trader whose unauthorized trades of wheat futures led MF Global Ltd. to lose $141.5 million in a single day.