Following a slew of objections from warehouse lenders, People’s Choice Home Loan Inc. on Tuesday removed several contracts from a cure schedule that was distributed prior to the sale of the bankrupt subprime lender’s remaining assets.
The former head of the American Stock Exchange has formally denied any wrongdoing in connection with allegations that the exchange violated federal securities laws and record-keeping requirements.
The ever-widening student lender scandal demonstrates the need for “emergency reforms” in the industry, according to California Rep. George Miller.
Pillsbury Winthrop Shaw Pittman LLP has formed a group to focus on the collapse of the subprime mortgage market, recognizing that the industry’s woes will lead to a wave of litigation and regulatory and transactional dilemmas.
In a move that bodes well for national mortgage lenders, the U.S. Supreme Court has ruled that Wachovia Corp.’s mortgage unit is not subject to regulation by state banking offices.
Swiss reinsurer Converium has fought a hostile takeover attempt by rival Scor S.A. with a U.S. lawsuit claiming the French company’s $2.56 billion bid unlawfully excludes American shareholders.
Home mortgage lender Oak Street Mortgage has agreed to pay $2.45 million to settle a slew of lawsuits by loan officers who claimed they were cheated out of overtime pay.
The U.S. Department of Justice asked a bankruptcy court Tuesday to appoint a trustee to oversee subprime lender New Century Financial Corp.’s Chapter 11 case instead of the company’s current management.
A former Oppenheimer & Co. broker will pay $8 million after a National Association of Securities Dealers arbitration panel ruled that he defrauded an elderly couple.
Just weeks after Jenkens & Gilchrist collapsed over its involvement in an illegal tax shelter scheme, Holland & Hart, Snell & Wilmer and two other law firms have been sued over their role in a tax shelter in Arizona.
A federal judge on Friday sentenced the former president of First National Bank of Bowie, Texas, to nearly four years in prison for bank fraud.
Ameriquest Mortgage Co., the largest privately held mortgage firm in the United States, was hit with a proposed class action lawsuit on Friday that accuses it of targeting African Americans for predatory subprime loans.
A lawsuit filed against the president of the New York Stock Exchange by a former seatholder who claims she was misled about the status of the merger between the NYSE and Archipelago Holdings will head to court, after a state Supreme Court judge refused to throw the suit out.
Delta Air Lines’ reorganization plan has come under attack by the Bank of New York, which wants the carrier to make up its mind about aircraft leases before the plan is confirmed.
Delphi Corp. filed an objection in bankruptcy court Friday in an effort to stop Wachovia Bank NA from pursuing a breach of contract and tortious interference suit against a Delphi employee.
A federal jury on Friday ordered UBS Financial Services Inc. to pay more than $3.5 million in punitive damages in a case brought by a former stockbroker who claimed the financial giant fired her for failing to meet asset management standards it did not similarly require of male financial advisors.
Education Finance Partners announced an agreement Monday to shell out $2.5 million and end its revenue-sharing arrangements with universities, becoming the latest student loan provider to settle with New York Attorney General Andrew Cuomo in his widening probe into the $85-billion-a-year student loan industry.
A shareholder derivative lawsuit has been filed against Lehman Brothers Holdings Inc., alleging that 22 of the investment bank’s executives unjustly enriched themselves by manipulating stock options grants.
Former senior counsel for the U.S. Securities and Exchange Commission, Barry McCarty, has joined Schulte Roth & Zabel LLP in the firm's business transaction group.
Big Four accounting firm Ernst & Young will pay PNC Financial Services and its investors $9 million to settle a long-running lawsuit over alleged accounting fraud.