The securities industry's self-regulatory body has sent letters to more than a dozen Wall Street firms, looking for information on how certain mortgage-related securities are marketed and sold, particularly to individual investors.
An appeal by Merrill Lynch of ResMae Mortgage Corp.'s approved reorganization plan has been stayed for a third time as the parties try to reach an agreement without mediation regarding releases granted to third parties and the disallowance of interest to disputed claims.
A membership organization for the American financial planning community called on Thursday for the U.S. Securities and Exchange Commission to hold a public discussion on the findings of an independent report before implementing new regulations for investment advisers and brokers.
Travelers Cos. Inc. has agreed to pay $77 million to put to rest a purported class action alleging insurance securities fraud resulting from the company's alleged involvement in a bid-rigging scandal, the New Mexico attorney general announced Thursday.
The judge presiding over Bally Fitness' Chapter 11 case has signed off on the fee requests put forth by the numerous professionals who helped the fitness giant achieve a speedy bankruptcy exit, with debtor counsel Latham & Watkins raking in nearly $2 million for its efforts.
A federal appeals court has affirmed a ruling granting summary judgment to CC Services Inc., against claims adjusters who asserted they were improperly classified as exempt from the Fair Labor Standards Act's overtime provisions.
An appellate court has brought back to life a proposed class action suit against Foremost Insurance Co., ruling that claims from insurance policyholders whose property was damaged in 2004 Florida hurricanes should be heard by the district court.
Already the target of several subprime-related lawsuits, State Street Corp. is preparing for the worst. The bank has set aside $618 million to cover potential lawsuits stemming from subprime losses incurred by its fixed-income arm.
A Citigroup Inc. subsidiary objected on Thursday to bankrupt mortgage lender American Home Mortgage Holdings Inc.'s plan to enter into a new subservicing agreements in preparation for its impending sale.
Credit Suisse First Boston has lost a bid to toss fraud allegations after a federal judge found that the company was at the center of an alleged scheme to defraud investors of now-bankrupt National Century Financial Enterprises Inc.
The new year means a new member for Dechert LLP, which has added Geoffrey Kenyon as partner in its financial services group.
The U.S. trustee overseeing the Chapter 11 proceedings of bankrupt New Century Financial Corp. has opposed moves to seal an examiner's report detailing events leading to the subprime lender's collapse.
A former Goldman Sachs Group trader who pled guilty last year to a role in a massive insider trading ring was sentenced Thursday to almost five years in federal prison as well as forfeiture of the $6.7 million he allegedly earned by illegally trading on tips.
Bayou Group LLC investors that pulled out of the floundering fund before it collapsed are fighting the legal fees a prepetition creditors committee spelled out in its claims, saying the claims amount to a scheme for full recovery at other creditors' expense.
Two plaintiffs have asked to be named lead plaintiff in suits alleging investment bank Merrill Lynch & Co. misrepresented and failed to disclose facts about its subprime mortgage debt exposure.
A software company is suing Netflix Inc., E*Trade Financial Corp. and John Wiley & Sons Inc., accusing them of infringing two patents related to real-time Web page generating technology.
Travelers Companies Inc. agreed to pay $6 million to a multistate task force to resolve allegations that the company was involved in a bid-rigging and price-fixing plot in the commercial insurance market, the company and the Florida attorney general revealed Monday.
With a trial date looming, a judge has quashed a subpoena by the former chief executive of Berkshire Hathaway Inc.'s General Reinsurance for written communications between Berkshire leader Warren Buffett and leaders of the subsidiary.
In a setback for the U.S. Securities and Exchange Commission's crusade against certain types of short-selling, a federal judge has thrown out the main claim in the agency's lawsuit against a hedge fund manager accused of selling short shares obtained in private investment in public equity transactions.
Mortgage Lenders Network USA Inc. is asking the court overseeing its Chapter 11 proceedings for a 90-day extension of its exclusive period for filing a reorganization plan.