New York Insurance Superintendent Eric Dinallo has launched a probe into Allstate Corp.'s business in unregulated credit derivatives markets, in response to an opinion column the insurer's CEO published suggesting the company had been involved in such markets.
Wyeth Inc. shareholders have filed an amended complaint in their bid to halt a $68 billion merger between Wyeth and pharmaceutical giant Pfizer Inc., claiming the proposed deal isn't in the best interest of noteholders and demanding that the drugmakers disclose critical information about the merger.
A federal judge has enjoined accused time-share fraudster Michael E. Kelly from violating securities laws in connection with a civil lawsuit accusing him and others of ripping off the public to the tune of $428 million.
Hedge fund operator J. Ezra Merkin gave testimony to regulators investigating Bernard L. Madoff's $65 billion Ponzi scheme, a judge overseeing New York University's lawsuit against Merkin said in a recent court ruling.
A Prudential Financial Inc. unit has agreed to shell out $68 million to resolve two investigations into market timing misconduct involving certain variable annuities, but the insurance firm said it had the right to be reimbursed for the payment based on an agreement made when Prudential acquired the unit from Skandia Insurance Co. Ltd.
Ashland Inc., the maker of Valvoline motor oil, has sued Oppenheimer & Co., alleging the investment firm left the chemical company with $194 million of illiquid auction rate securities after lying about the nature of ARS and the stability of the ARS market.
American Equity Investment Life Insurance Co. and other insurers challenging a U.S. Securities and Exchange Commission rule treating fixed indexed annuities as securities have warned an appeals court that Rule 151A would impose up to $2 billion in costs and threaten the viability of firms that offer, market and sell FIAs.
Attorneys for both sides in a dispute between Private Equity Management Group Inc. and its former president tried to predicate the payment of a $500,000 settlement to the former executive on his noncooperation with Wall Street Journal reporters, according to a letter from Fulbright & Jaworski LLP.
A federal examiner has asserted that the former CEO of bankrupt petroleum aggregator SemGroup LP devastated the company's finances by orchestrating a risky commodities trading scheme resulting in more than $3 billion in losses, while at the same time reaping at least $30 million in profits for himself from a side scheme.
The brokerage division of Citigroup Inc. has been hit with a $30 million lawsuit by a specialty pharmaceutical company alleging that the firm sold it auction rate securities after the market collapsed and just a day before settling charges with federal regulators over the toxic financial instruments.
The Federal Trade Commission has proposed a revised rule meant to target manipulation of crude oil and gas markets after receiving a series of comments on a previous version of the mandate on several key issues.
Delaware, long known for its director-friendly corporate laws, has enacted a measure that offers companies the option to expand shareholder powers to allow investors to nominate their own candidates in director elections and be reimbursed for proxy-solicitation expenses.
A Texas judge has ruled that the founders of Apollo Management LP should remain part of a suit brought by Huntsman Corp. after the private equity fund allegedly reneged on a $6.5 billion merger between one of its units and the chemical manufacturer.
The Connecticut Supreme Court has affirmed the dismissal of a lawsuit filed by two shareholders of Latex Foam International Holdings Inc. who alleged that their ownership stake in the company was diluted by an unreasonably low stock offering price.
Stanford International Bank Ltd., the Antigua-based company through which billionaire banker Robert Allen Stanford allegedly ran an $8 billion Ponzi scheme, will be liquidated by a receiver appointed by an Antiguan court.
Choate Hall & Stewart LLP has bolstered its securities litigation practice with the addition of Michael T. Gass, who joins the firm after 24 years at Edwards Angell Palmer & Dodge LLP, where he most recently served as head of the securities, government enforcement and corporate governance group.
A failure to file timely reports with the U.S. Securities and Exchange Commission does not constitute a breach of indenture agreement, a federal circuit court has ruled in the case of a technology company hounded by bond holders after it missed an SEC filing date while the company conducted an internal investigation into its stock options backdating practices.
The receiver for billionaire banker Robert Allen Stanford has sued 66 financial advisers at a Stanford International Bank Ltd. affiliate in connection with the financier's alleged $8 billion Ponzi scheme, aiming to recoup $40 million the advisers received for selling the bank's securities.
Bond insurer MBIA Inc. has asked a federal judge to dismiss or send to binding arbitration a declaratory judgment suit filed by Radian Insurance Inc. seeking to rescind or void insurance policies issued on mortgage-backed securities.
A federal appeals court has vacated a ruling that barred Esquire Trade & Finance Inc.’s claims against CBQ Inc. based on Esquire’s earlier securities fraud action against Socrates Technologies Corp. that settled in 2003.