Banking

  • September 5, 2007

    Boston Stock Exchange, SEC Settle For $1.75M

    The Boston Stock Exchange and its former president have agreed to shell out $1.75 million to lay to rest charges that they failed to enforce compliance by specialist dealers with rules protecting investor trading priority.

  • September 5, 2007

    Delta Mills Fights For Plan Amid Objections

    As Delta Mills Inc. tries to rally support for its amended plan of liquidation, GMAC Commerical Finance LLC continues to throw up its hands over the terms.

  • September 5, 2007

    Hedge Fund Manager To Buy Quality Home Loans

    In a move expected to speed up Quality Home Loans' journey through Chapter 11, the bankrupt hard money lender will be acquired by entrepreneur and hedge fund manager Michael B. Klein.

  • September 5, 2007

    Battle Escalates Over Fees In Werner Bankruptcy

    A feud over compensation sought by the financial advisers of bankrupt Werner Holding Co. has taken a curious turn, with a creditor now decrying fees for work performed defending the fees.

  • September 5, 2007

    AXA Advisors To Pay $3.8M Over Brokerage Fees

    AXA Advisors LLC has been fined $1.2 million and will repay $2.6 million to customers who were placed in fee-based brokerage accounts that weren’t designed for them.

  • September 5, 2007

    Judge OKs $28M Insurance Suit Settlement

    A federal judge has given the green light to a $28 million deal that will lay to rest claims against Arthur J. Gallagher & Co. in a dual-pronged antitrust class action accusing a group of insurers and brokers of conspiring to eliminate competition and reap supra-competitive prices.

  • September 4, 2007

    Grant Thornton Dropped From Tax Shelter Case

    Accounting firm Grant Thornton LLP has been dismissed as a defendant in a case against a group of law firms, auditors and financial advisors accused of hoodwinking a New Jersey couple into claiming illegal tax benefits.

  • September 4, 2007

    Advisor Balks At Subclass In Bayou Class Action

    In the massive securities litigation against collapsed hedge fund Bayou Group LLC, an investment advisory firm has taken aim at a small subclass that has accused the advisor of negligence for steering its members towards the fraudulent fund.

  • September 5, 2007

    JPMorgan Exec Loses Bid To Rehear Clawback Ruling

    A federal judge has denied a bid by JPMorgan Chase & Co.'s former senior vice president to reconsider an earlier ruling granting the company's motion for summary judgment on her breach of contract claim over clawback stock award compensation she received before jumping to Charter One Bank.

  • September 4, 2007

    Ameriprise Shorts Financial Advisors On Pay: Suit

    Ameriprise Financial Services Inc. has been hit with a class action complaint alleging that the financial services company failed to pay its financial advisors the federal mandated premium rate for overtime hours and made prospective financial advisors work for nothing before being formally appointed to the company's ranks.

  • September 4, 2007

    Merrill Lynch, Allegheny Energy Ruling Reversed

    A federal appellate court has overturned a 2005 decision that forced Allegheny Energy Inc. to pay Merrill Lynch & Co. $158 million for breach of contract following the energy company’s acquisition of Merrill’s energy commodity trading business in 2001.

  • September 4, 2007

    Brokers Score In Antitrust Conspiracy Class Action

    A group of insurers and brokers has won a boost in a dual-pronged antitrust case accusing its members of conspiring to eliminate competition and reap supra-competitive profits, with a federal judge scrapping the claims after finding that the plaintiffs failed to supply sufficient facts to establish a global agreement among the broker competitors.

  • September 4, 2007

    First Magnus Asks Court To OK $15M Loan

    First Magnus Financial Corp. asked a bankruptcy court judge Friday to authorize a $15 million loan in order to execute a liquidation and wind-down plan, with the defunct mortage lender saying it hopes to provide creditors with up to $26 million in net recovery.

  • August 31, 2007

    Entergy, Insurer Sue Army For Katrina Damage

    Entergy Corp. and its insurer have launched a lawsuit against the U.S. Army Corps of Engineers, attempting to hold it accountable for over $69.5 million in losses which the company's units sustained when Hurricane Katrina swept through New Orleans.

  • August 31, 2007

    Court Orders McGraw-Hill To Hand Over Documents

    Publisher McGraw Hill Cos. has been ordered by a district court to hand over documents relating to an ongoing investigation into natural gas price-fixing.

  • August 31, 2007

    Bankruptcy Blocked For Bear Stearns Hedge Funds

    A federal judge has blocked Bear Stearns & Co. Inc. from using Chapter 15 bankruptcy protection for two of its Cayman Island-registered hedge funds that imploded earlier this year after bad bets in the subprime mortgage market.

  • August 30, 2007

    LendingTree Patent Case Heats Up

    Source Search Technologies and LendingTree LLC have each asked a New Jersey court for summary judgment in an infringement suit SST filed in 2004 over a patent relating to matching up buyers and vendors via the Internet.

  • August 30, 2007

    Axed First Magnus Workers Told To Wait In Line

    A bankruptcy judge has reportedly denied a motion by First Magnus Financial Corp. to pay the outstanding wages of its 5,940 axed employees, saying the workers would have to take a number and wait their turn just like other creditors of the beleaguered mortgage lender.

  • August 30, 2007

    Judge Chides Feds For Not Revealing Bill-Padding

    The bankruptcy judge for W.R. Grace & Co. on Wednesday criticized federal prosecutors for not alerting her to allegations that accounting firm L. Tersigni Consulting PC was illegally padding bills while advising asbestos claimants in large Chapter 11 cases.

  • August 30, 2007

    Judge Draws Curtain On Quattrone Case

    A judge has dropped the remaining obstruction of justice charges against one-time investment banker Frank Quattrone, who made it to the expiration of a deferred-prosecution agreement with federal prosecutors without misbehaving.