The U.S. Court of Appeals for the Second Circuit has affirmed a victory for investment adviser firm Hennessee Group LLC in a securities lawsuit over its involvement with the massive fraud at collapsed hedge fund Bayou Group LLC.
The U.S. Securities and Exchange Commission is asking a judge to preliminarily enjoin an Illinois-based hedge fund and its operator after accusing them of being tied to a more than $2 billion Ponzi scheme.
The U.S. Securities and Exchange Commission has filed complaints against 11 individuals over their alleged involvement in insider trading schemes related to the Odyssey Investment Partners-Neff Corp. and Liberty Mutual Insurance Co.-Safeco Corp. mergers.
A magistrate judge has imposed sanctions on Credit Suisse Securities LLC and Lloyds TSB Bank PLC over a discovery dispute in litigation regarding Credit Suisse's role in the collapse of health care lender National Century Financial Enterprises Inc.
The California Public Employees Retirement System, the largest state public pension fund in the U.S., has filed a lawsuit against the three major credit rating agencies, claiming that improperly high ratings of structured investment vehicles led to as much as $1 billion in losses for the pension fund.
Creditors of bankrupt Provident Royalties LLC have filed an emergency motion asking to intervene in the U.S. Securities and Exchange Commission's suit alleging the Texas energy investment company ran a $485 million Ponzi scheme.
The Obama administration on Wednesday delivered to Congress its anticipated proposal for regulating hedge funds, seeking mandatory federal registration, risk monitoring and reporting requirements for private funds advisers managing assets valued at more than $30 million.
The receiver for Sunwest Management Inc. has accused Thompson & Knight LLP of preparing memos to lure investors for the retirement home operator despite knowledge of its dire financial problems, aiding a “Ponzi-like” scheme that collected more than $450 million to sustain Sunwest.
Citigroup Global Markets Inc. has been ordered by Pennsylvania's securities regulator to pay a $2.31 million fine and buy back hundreds of millions of dollars in illiquid auction rate securities from more than 1,000 retail investors.
A judge has given preliminary approval to an approximately $56 million class action settlement between shareholders and the former outside directors of software maker Peregrine Systems Inc., in what may be the largest cash recovery ever involving outside directors.
Computer Sciences Corp. has won the dismissal of a class action by current and former employees alleging it mismanaged their 401(k) plans by imprudently investing in its own stock, which plummeted in the wake of reports of options backdating at the technology company.
A federal judge has pared the claims in a hedge fund's suit accusing Wachovia Bank NA of reneging on a credit default swap deal, ruling that the agreement allows the bank to demand the credit support challenged by CDO Plus Master Fund Ltd.
The U.S. Securities and Exchange Commission is looking at adding new regulations for credit rating firms, including limiting the potential for rating shopping, Chairwoman Mary L. Schapiro told a congressional subcommittee Tuesday.
Former Tyco International Ltd. executives Dennis Kozlowski and Mark Swartz, who allegedly plundered millions of dollars from the industrial conglomerate, have struck a deal with the U.S. Securities and Exchange Commission regarding securities fraud allegations.
A slew of law firms have asked to be appointed lead plaintiffs counsel in the multidistrict litigation over several OppenheimerFunds Inc. mutual funds that allegedly invested money in junk bonds and risky derivatives even though they claimed to focus on investment-grade municipal bonds.
A team of attorneys led by top litigator T. Thomas Cottingham III has left Hunton & Williams LLP to expand the energy, financial services and securities litigation capabilities at the Charlotte, N.C., office of Winston & Strawn LLP.
A federal judge has frozen the assets of Paramount Partners LP and granted the U.S. Securities and Exchange Commission a permanent injunction in a suit claiming the hedge fund overstated its assets to clients and steered investor money into personal accounts.
Lawrence B. Salander, the former New York art gallery owner who was arrested in March and charged with perpetrating an $88 million art swindle, was arrested again Tuesday and indicted on additional charges involving the theft of more than $5 million from several estates, including that of actor Robert De Niro Jr.'s father.
The state of New Jersey has asked a federal judge to let an appellate court consider whether state or federal court is the appropriate venue for its suit against numerous Lehman Brothers Holdings Inc. executives and directors over losses suffered by state pension funds invested in the collapsed bank.
Kerr-McGee Corp. dumped hundreds of millions of dollars of environmental and tort liabilities on former subsidiary Tronox Inc. and concealed the scope of those liabilities before spinning off the now-bankrupt Tronox, according to a putative securities class action brought against Kerr-McGee and Anadarko Petroleum Corp.