A federal judge has allowed New York attorney Marc Dreier, who is accused of defrauding investors and clients out of about $400 million, to move from jail to house arrest.
Lacking the resources and the backing to realize its liquidation plan, stricken lender HomeBanc Mortgage Corp. has asked the court to convert its bankruptcy to a Chapter 7 proceeding.
Broker-dealers and registered representatives should sometimes consider fighting charges filed by securities regulators rather than automatically pursuing a settlement, a new study suggests.
Mortgage Lenders Network USA Inc. has filed an adversary complaint against Sovereign Bank to recover nearly $1.5 million it claims was illegally transferred after the subprime mortgage lender filed for Chapter 11.
The trustee overseeing the liquidation of Bernard L. Madoff's investment firm reportedly said Wednesday he had recovered around $946 million but that he was disappointed at how slow the probe to recover funds for aggrieved investors was moving.
The federal appeals court overseeing several insurance companies' challenge to a U.S. Securities and Exchange Commission rule that treats fixed index annuities as securities has agreed to expedite its review of the matter, clearing the way for oral arguments to possibly take place in late April.
Lehman Brothers Special Financing Inc. has accused its partner in a credit default swap agreement of seeking to avoid paying the bankrupt company $400 million it allegedly owes under the arrangement by claiming that the Lehman unit defaulted on the agreement when its parent company filed bankruptcy proceedings.
A hedge fund that placed all of its $280 million in holdings in the alleged $50 billion Ponzi scheme operated by Bernard L. Madoff's investment firm has sued its own accountants for failing to conduct audits that would have detected the fraud.
A federal judge has tossed two long-running securities class actions filed on behalf of mutual fund investors against Morgan Stanley that accuse the financial services firm of failing to alert investors to practices that created potential conflicts of interest.
President Obama followed up on his comments last week — that banks receiving federal assistance paying billions of dollars in bonuses was the “height of irresponsibility” and “shameful” — by announcing Wednesday stricter executive compensation rules for financial institutions that benefit from government aid.
Harry Markopolos, the man who led a quixotic campaign to bring Bernard L. Madoff's alleged $50 billion Ponzi scheme to heel, told a U.S. House of Representatives panel Wednesday that there were still hundreds of “mini-Madoffs” yet to be discovered and that the U.S. Securities and Exchange Commission was unable to uncover the schemes.
A bankruptcy judge threw out the Chapter 11 cases of EnCap Golf Holdings LLC and affiliate NJM Capital LLC, granting Wachovia Bank NA's bid to have the cases dismissed based on EnCap's failure to file a viable reorganization plan.
Lehman Brothers Holdings Inc. has reduced its unsecured liabilities by two-thirds to about $200 billion since filing for bankruptcy last year, the company said Tuesday.
Credit Suisse Securities LLC has asked the court overseeing litigation over the collapse of health care lender National Century Financial Enterprises Inc. to sanction Lloyds TSB Bank PLC for allegedly hiding a deal with Moody's Investor Services Inc. in order to manipulate a deposition in its favor.
A federal judge has refused to dismiss a copyright infringement lawsuit accusing Prudential Insurance Co. of America of copying the marketing materials of a small Pennsylvania financial services organization.
Two putative securities class actions filed by the New Orleans Employees' Retirement System alleging Washington Mutual Bank and an appraiser purposefully inflated the appraisal value of properties that secured the bank's mortgages have been removed from state court to federal court in Seattle.
If Lehman Brothers Holdings Inc.'s illiquid assets cannot be sold off in the next few years, Lehman may give its creditors stock in asset-holding entities, according to a company spokeswoman.
DCI Umbrella Fund PLC is reportedly suing bankrupt Lehman Brothers Holding Inc.'s U.K. unit, accusing the erstwhile financial giant of defaulting on a swap agreement and demanding that Lehman return $71 million in securities.
The Royal Bank of Scotland Group PLC is facing another securities class action from U.S. investors alleging that the U.K. clearing bank failed to disclose its exposure to the subprime mortgage market before reporting one of the biggest losses in British banking history.
Merrill Lynch & Co. Inc. has agreed to a $1 million penalty and a U.S. Securities and Exchange Commission censure to settle charges that the global investor hid conflicts of interest from its pension fund consulting clients.