Automated teller and voting machine maker Diebold Inc. has agreed to cough up $25 million to resolve allegations stemming from a probe the U.S. Securities and Exchange Commission launched in 2006 into the company's revenue recognition practices.
Green Jacobson & Butsch PC has lost its bid for sanctions against opposing counsel in a suit accusing the firm and three of its lawyers of breach of fiduciary duty related to a class action settlement.
In an unusual turn of events, federal marshals have refused to take alleged fraudster Robert Allen Stanford into custody, pointing to the fact that no warrant has been issued yet for the billionaire banker's arrest.
A federal district judge has denied Ritchie Management LLC's request to intervene in a $3 billion investment fraud case against bankrupt Polaroid Corp.'s owner, Petters Group Worldwide LLC, letting stand an injunction freezing the company's assets.
The global economic crisis, coupled with the Madoff scandal, has sparked an uptick in securities litigation, setting the stage for a potentially grim year for some insurance companies, according to a new study examining filings in the first quarter of 2009.
The bankruptcy judge overseeing the Chapter 11 proceedings of Pilgrim's Pride Inc. has approved the appointment of an equity committee, despite objections from the official committee of unsecured creditors and the agent for the debtor-in-possession lenders.
New York Attorney General Andrew Cuomo announced Friday that his office was broadening its investigation into the use of unregistered placement agents in connection with public pension fund investments, doling out more than 100 subpoenas to investment firms and agents and launching a multistate task force to share information about potential wrongdoing.
A former senior vice president of General Re Corp. has been ordered to spend just over a year in jail, becoming the last Gen Re executive to be sentenced in connection with an alleged fraud scheme that cost shareholders of American International Group Inc. close to $600 million.
A hedge fund group that channeled $7 billion into Bernard L. Madoff's massive Ponzi scheme has hit back at claims by Massachusetts' securities regulator that the group knowingly defrauded investors, saying it performed due diligence.
The insurance unit of MBIA Inc. has filed a lawsuit against Merrill Lynch & Co. over losses the firm suffered in connection with some $5.7 billion in credit default swap contracts.
W.R. Grace & Co. has asked a judge to approve a $10 million deal that would end a nearly five-year legal battle alleging the bankrupt chemical maker's officers hid investment risks from employees who participated in one of its retirement plans.
Saul Meyer, a founding partner of private equity services firm Aldus Equity Partners LP, faces a felony complaint accusing him of shelling out kickbacks in exchange for business with New York state's pension fund, and securities regulators say they will file claims against Meyer and the firm in connection with the same allegations.
Former Citigroup Global Markets Inc. investment banker Maher Kara was hit Thursday with insider trading charges by federal prosecutors, as well as civil claims by the U.S. Securities and Exchange Commission, after he allegedly spent three years tipping off friends and family on the company’s confidential merger deals, generating $6 million in profits.
A federal appeals court on Thursday largely upheld the dismissal of a shareholder lawsuit against Avaya Inc., saying that the plaintiffs had not made sufficient claims of scienter and that the majority of statements alleged to be false fell under safe harbor rules of existing securities law.
In a long-running battle between investment management company W.R. Huff Asset Management Co. and private equity firm Kohlberg Kravis Roberts & Co., a federal appeals court has ruled that it lacks jurisdiction to consider the latest appeal, turning the case over to a state court.
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.