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Securities
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June 13, 2008
UBS, Credit Suisse Settle With Parmalat For $548M
Italy's Parmalat SpA has settled legal fights related to its 2003 collapse with UBS and Credit Suisse for a total of €356.5 million, or $548.1 million.
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June 13, 2008
SEC To Consider New Oil Reserves Reporting Rules
The U.S. Securities and Exchange Commission is set to consider an internal recommendation that it update its reporting requirements for oil and gas companies regarding their reserves.
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June 13, 2008
Judge Snubs SEC Again In Favor Of Merchant Capital
In a suit remanded by an appeals court, a federal judge again rebuffed the U.S. Securities and Exchange Commission Tuesday, dismissing the agency's claims against Merchant Capital LLC and refusing to impose penalties on the grounds that the principals of the debt-purchasing business had acted in good faith.
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June 12, 2008
Howrey's Chicago Office Scores Two Partners
Howrey LLP has added two prominent Sidley Austin LLP litigators to its Chicago office.
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June 12, 2008
Home Furnisher Pays $3.7M To Settle Merger Suit
Restoration Hardware Inc. has agreed to pay $3.7 million to settle a shareholder dispute that alleged Sears Holding Co. was precluded from making a higher offer than the current $179 million merger deal.
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June 12, 2008
Dingell Pushes Bill Targeting Market Speculation
In yet another attempt by lawmakers to zero in on exactly what factors may be contributing to skyrocketing oil prices, a leading U.S. House of Representatives Democrat has introduced a bill that would authorize the Secretary of Energy to create a task force to study the issue.
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June 12, 2008
Proxy Fight Continues Despite Ruling In CSX Suit
CSX Corp. is asking shareholders to think twice about the nominees a pair of hedge funds is pushing to get on the company's board of directors, after a judge found this week that they gave false testimony and purposely evaded securities reporting requirements.
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June 11, 2008
SEC Launches FCPA Investigation Into Wright Medical
The U.S. Securities and Exchange Commission has targeted another medical device company for alleged violations of the Foreign Corrupt Practices Act by opening an informal investigation of Wright Medical Group Inc.
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June 11, 2008
Russian Shareholders To Sue BP Over TNK-BP
Adding to BP Plc's legal troubles in its Russian TNK-BP joint venture, four of the country's billionaires are reportedly planning to sue the oil company in a push to strip the BP-instated directors of their powers.
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June 11, 2008
Merrill Scores $3.1B Win Over Credit Default Swaps
A $3 billion spat over credit default swaps has ended in a victory for Merrill Lynch & Co., after a federal judge granted the bank's motion to dismiss a case filed against the bank by a unit of bond insurance firm Security Capital Assurance.
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June 12, 2008
NYSE Bars Three Former Merrill Lynch Brokers
Three former Merrill Lynch & Co. brokers who became entangled in a market-timing scandal in 2003 have been permanently barred from trading by the New York Stock Exchange.
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June 11, 2008
Certified Services Former CEO Enjoined In SEC Case
Human resources company Certified Services Inc.'s former chief executive has been enjoined from violating securities laws and ordered to pay an undetermined sum in a case over an alleged scheme to divert money from the company into executives' pockets.
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June 11, 2008
Judge Orders Take-Two To Fulfill FTC Subpoena
Take-Two Interactive Software Inc. faces a showdown with a federal judge after the video game company failed to comply with a subpoena to produce documents relating to a federal antitrust investigation of Electronic Arts Inc.'s $2 billion bid to buy the company.
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June 11, 2008
UnitedHealth Execs Knew About Backdating: Report
Recently unsealed documents in the UnitedHealth Group Inc. options backdating class action reportedly indicate that the company's current CEO may have been more involved in the options-granting process than UnitedHealth had previously revealed.
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June 11, 2008
Convicted Bayou Fund Head May Have Faked Death
Investigators reportedly believe Samuel Israel III, who was sentenced to 20 years in April for leading a hedge fund fraud scheme, may have faked his own death in order to avoid prison. Bolstering that suspicion, a federal judge issued a bench warrant Wednesday for Israel's arrest.
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June 10, 2008
Senate Ethics Committee Counsel Joins Wiley Rein
Clients of Wiley Rein LLP will soon benefit from years of congressional experience as the former chief counsel and staff director of the Senate Ethics Committee joins the firm as counsel.
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June 10, 2008
Citing Stronger Market Watch, CFTC Forms Task Force
As oil prices reach for the stratosphere and other commodities escalate, bringing droves of new investors into the commodity futures markets, the U.S. Commodity Futures Trading Commission will establish an interagency task force to monitor the markets and safeguard participants, the CFTC announced Tuesday.
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June 10, 2008
Yahoo Shareholders Want Trial Before Proxy Fight
The lead plaintiffs in the chief lawsuit to compel Yahoo Inc. to accept a takeover have asked the court to schedule a trial on disputed Yahoo severance plans before the Aug. 1 annual meeting where activist investor Carl Icahn plans to mount a proxy contest to force a sale.
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June 10, 2008
Faro Settles DOJ, SEC Bribe Charges For $2.5M
Portable measurement devices and software maker Faro Technologies Inc. has agreed to pay a $1.1 million penalty and disgorge an additional $1.4 million to hold off federal prosecution and a civil enforcement action for allegedly bribing Chinese officials to the tune of almost $500,000.
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June 10, 2008
Wachovia Faces Class Action Over Loan Statements
A Wachovia Corp. shareholder has hit the bank and its executives with a purported class action for allegedly making false statements that the bank's loan underwriting practices were better prepared to withstand the credit crisis than other banks', then reporting quarterly losses due to the declining mortgage market.