Accounting giant Ernst & Young LLP will hand over $109 million to settle a securities class action brought by investors of HealthSouth Corp., lawyers for the lead plaintiffs said Wednesday.
ATM and voting machine manufacturer Diebold Inc. revealed Wednesday that its chief financial officer and other former employees had received Wells notices from the U.S. Securities and Exchange Commission as part of a long-running probe into the company's process for identifying revenue.
Yet another defendant caught up in the government's Operation Wooden Nickel enforcement sting will be forced to pay civil restitution for allegedly participating in a boiler room operation that sold illegal foreign currency futures contracts.
A former Morgan Stanley & Co. Inc. executive has been convicted for his role in an alleged scheme to steer securities lending transactions to small brokerage firms in exchange for kickbacks to family members.
A class of plaintiffs accusing Xerox Corp. of breach of fiduciary duty has urged a federal judge to approve a proposed $51 million settlement that would bring the long-running benefits action to a close.
Two investors sued Lehman Brothers Holdings Inc. on Tuesday in an effort to recover about $1.5 million in bonds and cash from the bankrupt investment giant.
The credit rating agency system is “broken,” participants in a U.S. Securities and Exchange Commission roundtable discussion told commissioners Wednesday, adding that investors’ over-reliance on major agencies' credit ratings has created a systemic risk in U.S. financial markets.
The receiver for Robert Allen Stanford has asked a district court to compel the billionaire banker's law firm, Hunton & Williams LLP, to turn over all records of its work with Stanford International Bank, which stands accused of perpetrating an $8 billion Ponzi scheme.
A federal judge has pared back the claims in a putative class action by Qwest Communications International Inc. retirees but let stand central allegations that Qwest breached its fiduciary duty when it reduced its life insurance plan payments.
A casino developer has sued plaintiffs powerhouse firm Milberg LLP and several former partners, accusing them of extorting $18 million from the company to settle two securities class actions in 2000.
Citing the systemic risk posed by the potentially chaotic collapse of American International Group Inc. prior to the government's bailout, Treasury Secretary Timothy F. Geithner on Tuesday asked Congress to pass legislation that would provide the government the authority to take over nonbank financial institutions in distress.
A longtime Bank of America NA shareholder has launched a campaign to topple chairman and CEO Kenneth Lewis from his post, saying the bank's management acted recklessly and in total disregard of stockholders in acquiring troubled Merrill Lynch & Co. Inc.
A federal court has denied Merck & Co.'s motion for judgment on the pleadings on an imprudent investment claim and a communications claim in an ongoing consolidated Employee Retirement Income Security Act action over the drugmaker's shelved painkiller Vioxx.
The four leading U.S. stock exchanges on Tuesday submitted a joint proposal for preventing abusive short-selling that would update a rule first instituted in 1938.
The trustee in charge of liquidating Bernard L. Madoff's collapsed investment fund has found $75 million of Madoff's assets in an account in Gibraltar, a lawyer for the trustee said Tuesday.
Plaintiffs in a multidistrict class action over employee retirement fund investments have reached a settlement with Strong Financial Corp., its subsidiaries and its founder, leading a judge to dismiss some claims against the company and stay the rest, while the litigation continues.
A judge has dismissed the majority of a lawsuit a private equity firm brought against Mayer Brown LLP in connection with the collapse of brokerage firm Refco Inc., but kept one fraud claim alive.
Helping to fuel a big rally on Wall Street on Monday, the U.S. Department of the Treasury announced that targeted investments contemplated as part of the Public-Private Investment Program would be used to bring some relief to the beleaguered insurance industry.
A $14 million settlement has been reached in a decade-long class action against Dura Pharmaceuticals Inc. that led the U.S. Supreme Court in 2005 to establish standards for loss causation in securities fraud suits.
Shareholders of CV Therapeutics have filed a proposed class action in a California state court to stop the company from carrying out a proposed $1.4 billion merger with Gilead Sciences, which they say unjustly enriches the company's founder and directors.