A judge has ordered former Connecticut State Senate Majority Leader William A. DiBella and his consulting firm to pay more than $791,000 in disgorgement, interest and penalties for aiding and abetting securities fraud.
CNET Networks Inc. is appealing a court ruling allowing its largest shareholder, JANA Partners LLC, to nominate several new members to the company’s board, even as the hedge fund cautioned CNET against the perils of such an appeal.
The ongoing stock market turmoil has prompted another law firm to form a specialty practice area focused on subprime and distressed assets. Andrews Kurth LLP has drafted professionals from a variety of groups to form a mixed disciplinary team aimed at guiding clients through the credit crunch.
CSX Corp. has launched a preemptive strike against two hedge funds, accusing them of violating securities laws by employing swap agreements and planning a proxy battle at the company's upcoming annual meeting.
A Nationwide Financial Services Inc. shareholder has filed a putative class action against the company, claiming that majority shareholder Nationwide Corp.'s $2.17 billion buyout bid is too low and that Nationwide has interests on both sides of the proposed deal.
Though JP Morgan Chase & Co. scooped up Bear Stearns Cos. for next to nothing, the $236 million buyout means that JP Morgan is now saddled with all of the legal problems stemming from Bear Stearns' extensive subprime exposure.
An appeals court overturned the insider trading conviction of the former chief executive of Qwest Communications International Inc. on Monday, saying the trial court was wrong to exclude expert testimony.
An appeals court has upheld a lower court's dismissal of a derivative lawsuit filed by a shareholder of Coca-Cola Enterprises, saying the shareholder failed to prove that asking the board for changes was futile.
The U.S. Securities and Exchange Commission suspended trading Thursday in shares of 26 companies that the agency said appear to have stolen the identities of defunct or inactive corporations, a practice known as “corporate hijacking.”
Wall Street's nightmarish era of massive multibillion-dollar write-downs tied to the subprime crisis may be over sooner rather than later, according to a Standard & Poor's report published Thursday.
Several states, counties, cities and school districts have joined together to bring two nationwide proposed class actions alleging that 37 banks, insurance companies and brokers engaged in widespread price-fixing and bid-rigging in the municipal derivatives industry.
Vertex Pharmaceuticals Inc. has been hit with a class action that accuses the company of concealing critical trial data about telaprevir, a drug used to treat hepatitis C, and misleading people into purchasing stocks that tumbled once the information was made public.
The U.S. Commodity Futures Trading Commission has reportedly targeted several oil traders and brokers with subpoenas as part of its investigation into the possible manipulation of jet fuel prices.
A federal appeals court has determined that a bankruptcy trust for a software company is not preempted by federal securities law from bringing state and foreign claims against two Swiss banks.
The National Association of Securities Dealers lost a round when a Florida judge refused to grant NASD's motion to dismiss the long-running case alleging that the regulator illegally touted the purchase of WorldCom Inc. stock in the days leading up to the company's collapse.
Two former officers of a food preservative manufacturing company have been ordered to pay more than $1 million for their roles in a fraudulent pump-and-dump securities scheme, the U.S. Securities and Exchange Commission announced Thursday.
A federal judge has affirmed a jury's $64.5 million damages award to two companies that sued former clients of the defunct law firm Jenkens & Gilchrist Parker Chapin LLP for backing out of a securities trade after receiving confidential information.
Citing "market excesses" as one reason for the U.S. economy's current turmoil, the nation's top economic policy makers on Thursday made recommendations for reform, calling for better credit rating practices while downplaying the instability of hedge funds.
The U.S. Securities and Exchange Commission has filed an insider trading lawsuit against a former sales representative of automated teller and voting machine maker Diebold Inc.
A former Morgan Stanley stock-loan trader and his brother-in-law filed guilty pleas Thursday related to their alleged participation in a kickback and fraud scheme in the stock-loan business.