An appeals court decision granting the New York Stock Exchange immunity from certain allegations made by the California Public Employees' Retirement System will stand, after the U.S. Supreme Court refused to hear the case.
Biovail Corp. will pay $10 million to settle a U.S. Securities and Exchange Commission enforcement action alleging “chronic fraudulent conduct” by the pharmaceutical company, though fraud charges against the company's former and current executives remain.
In the latest effort to prop up the ailing U.S. mortgage market, the Federal Housing Finance Board has been given an extra $100 billion in buying power to purchase government-sponsored mortgage-backed securities.
The boost JP Morgan Chase & Co. recently gave to its bargain basement bid for Bear Stearns Cos. won't do much to stem the wave of litigation expected from the collapse of the once high-flying investment bank, experts say.
An appeals court ruled Monday that an employee who alleged he was fired by Wyeth Pharmaceuticals Inc. for complaining about safety violations was not protected by a federal whistleblower law.
A case involving a former Arthur Andersen LLP auditor accused of participating in fraud at formerly high-flying Peregrine Systems Inc. has ended in a hung jury for the second time, in a verdict that is likely to have a significant impact on post-Enron collusion cases.
Trouble hasn't seen the last of Bear Stearns Cos. In the wake of its high-profile collapse and subsequent sale at fire-sale prices to rival JP Morgan Chase & Co., the firm is bracing for a likely wave of lawsuits from shareholders and employees. But could its dramatic flame-out also create an increased risk of criminal liability for Bear Stearns executives?
The top U.S. securities regulator disclosed information on Bear Stearns Cos.' liquidity situation in the weeks leading up to its collapse, saying the investment bank was a victim of "a lack of confidence, not a lack of capital."
Nutritional supplements maker Mannatech Inc. has agreed to pay $11.25 million to settle a securities class action alleging the company lied to investors and hoodwinked U.S. consumers with exaggerated claims about its health products.
Swedish automaker AB Volvo has become the latest company to be targeted by the U.S. Securities and Exchange Commission for violating the Foreign Corrupt Practices Act. The regulator filed a suit against the company alleging that Volvo offered illegal kickbacks in connection with the oil-for-food program in Iraq.
Former top executives of Aspen Technology Inc. have convinced a federal judge to dismiss a slew of claims in a lawsuit brought by major shareholders alleging the trio painted a rosy, and inaccurate, picture of the company's financial health.
A jump in the number of put options purchased just before the collapse of the once high-flying investment bank Bear Stearns Cos. has reportedly become the focus of a U.S. Securities and Exchange Commission investigation.
Melvyn Weiss, perhaps the best-known plaintiffs attorney in the United States, has agreed to plead guilty to a scheme involving kickbacks in private securities litigation, the Wall Street Journal reported in Thursday's edition.
Melvyn Weiss, who rose to fame for spearheading high-stakes shareholder litigation, will avoid trial by agreeing to plead guilty to taking part in a profitable kickback scheme that has rocked the reputation of Milberg Weiss LLP, federal prosecutors and his lawyer said Thursday.
In the wake of the collapse of the auction rate securities market last month, two more investment banks have been hit with lawsuits alleging that they misled investors about the investment vehicles.
Responding to the growing crisis in the debt market, law firm Bryan Cave LLP has launched a subprime lending team to tackle the wide variety of complications clients may face as a result of the widening credit crunch.
A judge has dismissed a class action that alleged Legg Mason Inc. and Citigroup Inc. defrauded investors by omitting details of a secondary public offering following a multibillion-dollar unit swap in 2005.
A federal appeals court has rejected an attempt by former executives of Enron Corp.'s broadband unit to dismiss a government indictment that they claim rehashes charges already tried.
A judge has refused to dismiss a lawsuit brought by the U.S. Securities and Exchange Commission alleging that three defendants hacked into the brokerage accounts of others and used them to manipulate the prices of 14 stocks.
Federal prosecutors have decided to pursue a new, separate fraud charge against one of the former KPMG International employees who already stands accused of engaging in a massive tax shelter fraud.