The judge overseeing a federal securities suit accusing several financial companies of manipulating a Greek telecommunications stock has asked both sides to take account of the U.S. Supreme Court's recent decision striking down “scheme liability” as they brief pending motions to toss the case.
As the battle over whether to seal the New Century examiner's report continues to rage, an update has been released that suggests the mortgage lender may have misled investigators regarding its post-petition cash collateral use.
A former Goldman Sachs Group Inc. analyst was given time served and ordered to forfeit $6.7 million for participating in an insider trading ring that included the theft of unpublished copies of Business Week magazine.
Locked in a battle with its former chief executive, U.S. Energy Systems has asked the Manhattan bankruptcy court to find the clean energy giant's onetime head in contempt for allegedly violating the automatic stay decreed by the Bankruptcy Code.
Bank of America Corp., Citigroup Inc. and Pavia e Ansaldo have all filed letters saying claims against them of deception and scheming should be dropped in light of Tuesday's landmark decision in Stoneridge Investment Partners LLC v. Scientific-Antlanta Inc.
Delphi Corp. is fighting an attempt by five senior noteholders to scrap a $228.5 million settlement reached in multidistrict litigation over alleged violations of securities and employee benefits laws.
The federal government may relax its strict oversight of government-sponsored lenders Fannie Mae and Freddie Mac to lessen the impact of the credit crunch in the housing market, the Wall Street Journal reported Thursday.
Defending their case in light of the Supreme Court's recent Stoneridge decision to bar shareholder lawsuits against third parties, lawyers for a multibillion-dollar class action against several prominent investment banks embroiled in the Enron Corp. scandal have urged the court to clarify that the suit would remain unaffected.
Comverse Technologies Inc. filed a $70 million civil suit against its former chairman and its former general counsel, both of whom face allegations by the U.S. Securities and Exchange Commission regarding their roles in an options backdating scandal.
The U.S. Securities and Exchange Commission has approved a rule change proposed by the Chicago Board Options Exchange that excludes former Chicago Board of Trade members from exercising rights in CBOE's planned initial public offering.
International law firm Cozen O’Connor LLP has launched a new interdisciplinary group that will focus on serving the needs of clients affected by the subprime mortgage downturn and resulting credit crunch.
An appellate court has rejected a $400 million class action settlement between Qwest Communications International Inc. and its shareholders because objections by two of the telecommunications company's former executives were not properly addressed.
The one-time head of Brocade Communications Systems Inc. was handed a 21-month prison sentence and a $15 million penalty on Wednesday for his role in a stock options backdating scandal.
Two former PricewaterhouseCoopers LLP employees have settled the U.S. Securities and Exchange Commission's claims that one passed confidential information about PwC clients' potential acquisitions to the other, who made insider trades based on the information.
A litigator at a San Francisco law firm was appointed the first female special master in the history of the U.S. Supreme Court on Tuesday. Kristin Linsley Myles, a litigation partner at Munger, Tolles & Olson and a former law clerk to Justice Antonin Scalia, was named special master in South Carolina v. North Carolina.
An Arizona jury has ruled that the for-profit company that runs the University of Phoenix must fork over a whopping $280 million for allegedly hoodwinking investors about its recruitment policies.
The former president of Peregrine Systems Inc. has copped a guilty plea for allegedly lying to federal prosecutors about his role in an accounting scandal that led to the implosion of the once high-flying Silicon Valley software company.
A jury on Tuesday found a former Shell Trading Gas and Power Co. employee falsely reported natural gas prices to boost profits for Coral Energy Resources LP, but his lawyer said that the verdict was inconsistent and should be overturned.
In a landmark ruling Tuesday that may have an effect on the Enron shareholders' suit, the U.S. Supreme Court limited under federal securities laws the liability of third parties for fraud.
A multibillion-dollar class action accusing several prominent investment banks of helping hide Enron Corp.'s massive securities fraud received two jolts Tuesday, making it likely — though, some lawyers insisted, not assured — that the case could end as soon as Monday.