Shareholders of Idearc Inc. have filed a putative class action against former and current executives of the bankrupt phone book publishing company, alleging the defendants released overly positive public statements about the company's outlook even as bad debts continued to pile up.
The city and county of San Francisco has dropped a case against PG&E Corp. over close to $5 billion in allegedly fraudulent transfers the energy-based holding company received from its utility subsidiary during California's energy crisis.
A federal judge has tossed claims against 34 of the nation’s largest financial institutions accused of fixing prices of municipal derivatives in multidistrict litigation brought by over a dozen municipalities.
The court-appointed receiver in a U.S. government case accusing real estate company VesCor Capital Corp. of running a $180 million Ponzi scheme has sued Nevada law firm Lionel Sawyer & Collins Ltd. over $1.7 million in allegedly fraudulent legal fees.
The European Commission on Wednesday unveiled an outline for the regulation of alternative investment funds, such as hedge funds and private equity groups, claiming the new rules will increase transparency and reduce systemic risk.
The Delaware Court of Chancery has begun hearings in what securities lawyers say could be a landmark case involving net operating loss pills.
Shareholders of Bank of America Corp. voted Wednesday to remove CEO Kenneth Lewis from his role as chairman, amid calls by Rep. Spencer Bachus, R-Ala., for more information on BofA's shaky buyout of Merrill Lynch & Co.
A federal judge has agreed to freeze the assets of a Beverly Hills, Calif.-based hedge fund manager who allegedly used false and misleading statements to raise at least $38 million from investors, nearly all of which he ended up losing.
The former head securities trader of the defunct Lancer Group hedge funds has pled guilty to criminal charges alleging that he and four others manipulated stock trades to swindle investors out of more than $200 million.
A judge has shot down Moody’s Investors Service’s motion for reconsideration of a loss causation analysis in a class action alleging that it misled investors about its independence from the entities that it rated.
A judge has agreed to release Agape World Inc. owner and accused $413 million Ponzi schemer Nicholas Cosmo on $750,000 bond, now that he has pled not guilty to numerous fraud counts. But Cosmo remained incarcerated Wednesday evening, and the government said it would appeal the bail ruling.
Financial services provider State Street Corp. is reportedly facing a probe from Massachusetts’ top securities regulator over claims the firm improperly marketed risky funds containing mortgage-backed securities as safe investments.
Two deputy directors of the Division of Trading and Markets at the U.S. Securities and Exchange Commission have been appointed co-directors of the division, replacing Erik R. Sirri, who left the agency on Friday.
A district court has ordered a freeze on the assets of a hedge fund founded by a former UBS Securities trader who is facing civil claims by the U.S. Securities and Exchange Commission that he scammed investors out of $31 million.
Cancer-drug maker Enzon Pharmaceuticals Inc. has filed a lawsuit seeking to enjoin one of its biggest shareholders from soliciting consents in support of a proposal to remove the company's CEO, saying the proposal flies in the face of both the board of directors’ authority and the CEO’s employment contract.
In response to rising reports of mortgage and financial fraud, the U.S. Senate on Tuesday passed a bill aimed at boosting the tools available to federal authorities in investigating and prosecuting those claims and sent it on to the House of Representatives.
The U.S. Securities and Exchange Commission has accused an Oklahoma attorney of insider trading, alleging that he unloaded thousands of shares of now-bankrupt SemGroup Energy Partners LP stock after learning of the petroleum distribution company’s liquidity woes.
New York officials bent on pursuing discriminatory lending investigations against national banks met with skepticism on Tuesday from several U.S. Supreme Court justices, who expressed concerns about exposing federally regulated institutions to state action.
Federal regulators have charged American Home Mortgage Investment Corp.’s former top brass with carrying out an accounting fraud that concealed some of the first signs of the subprime meltdown from investors.
Two plaintiffs are seeking lead plaintiff status in a set of five proposed securities class actions against Deutsche Bank AG alleging that the bank made false and misleading statements about its exposure to residential mortgage-backed securities and commercial real estate losses.