• January 4, 2008

    FINRA Probes Mortgage Securities Sales To Seniors

    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.

  • January 4, 2008

    Merrill Lynch Appeal Of ResMae Plan Stayed Again

    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.

  • January 4, 2008

    SEC Roundtable On Adviser, Broker Rules Urged

    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.

  • January 4, 2008

    Travelers Settles Securities Fraud Case for $77M

    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.

  • January 4, 2008

    Law Firm Reaps $2M Fees In Bally Bankruptcy

    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.

  • January 7, 2008

    Claims Adjusters' FLSA Complaint Crashes

    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.

  • January 8, 2008

    Circuit Reverses Ruling In Insurance Class Action

    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.

  • January 3, 2008

    State Street Sets Aside $618M For Subprime Suits

    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.

  • January 3, 2008

    Citi Objects To American Home Subservicing Deal

    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.

  • January 3, 2008

    Judge Nixes Credit Suisse's Bid To Boot Fraud Charges

    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.

  • January 3, 2008

    Dechert Nabs Financial Services Partner

    The new year means a new member for Dechert LLP, which has added Geoffrey Kenyon as partner in its financial services group.

  • January 3, 2008

    Trustee Fights Calls To Seal New Century Report

    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.

  • January 3, 2008

    Ex-Goldman Trader Gets 57 Mos. For Insider Trading

    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.

  • January 3, 2008

    Bayou Investors Livid At Creditors' Fee Bid

    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.

  • January 2, 2008

    Bids Begin To Lead Fights Against Merrill Lynch

    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.

  • January 2, 2008

    Netflix, E*Trade, Wiley Nabbed In Web Patent Suit

    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.

  • January 2, 2008

    Travelers Cos. Settles Bid-Rigging Claims

    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.

  • January 2, 2008

    Judge Refuses Request For Buffett Documents

    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.

  • January 3, 2008

    Key Claim Tossed In SEC's Case Against Gryphon

    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.

  • January 2, 2008

    Mortgage Lenders Network Seeks Extension

    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.