Banking

  • February 7, 2007

    AXA Faces Class Action Over Overtime Pay

    A former securities broker at AXA Advisors LLC has filed a lawsuit requesting class action status against the financial services company for denying overtime compensation to brokers.

  • February 6, 2007

    Specialist Boss Fined Over Improper Trading

    The former president of a New York specialist firm, who allegedly ignored repeated warnings of widespread trading violations, has been fined by regulators for failing to properly supervise his traders.

  • February 6, 2007

    Fidelity Fined $3.75M In Improper Gifts Probe

    Fidelity Investments has been fined $3.75 million for improper recordkeeping and failure to supervise workers regarding the company’s ethical policies on receiving gifts. Employees received gifts including Super Bowl tickets, a private charter flight for a honeymoon and a bachelor party.

  • February 6, 2007

    Lender Bankruptcies Suggest Deeper Trouble

    The recent Chapter 11 filing of subprime mortgage lender Mortgage Lenders Network USA is raising larger questions about the implications of the distress facing this financial sector.

  • February 6, 2007

    Collapsed Hedge Fund Asks Court For Extra Time

    The failed Bayou Group hedge fund has asked a bankruptcy court for more time to file its reorganization plan, hoping it can recoup more than $135 million in investments it lost before it collapsed.

  • February 6, 2007

    Florida Execs Give Up Homes To End SEC Case

    Two Florida financiers will have to surrender their homes to put an end to a long-running U.S. Securities and Exchange Commission investigation into their company, Pension Fund of America, that forced them to freeze their assets and eventually shutter their company.

  • February 6, 2007

    SEC Launches Insider-Trading Probe Of Wall Street

    The U.S. Securities and Exchange Commission has requested trading and other information from about a dozen brokerage firms to see if Wall Street banking employees are leaking information to hedge funds.

  • February 6, 2007

    Goldman Sachs Dismissed From Fannie Mae Suit

    Investment bank Goldman, Sachs & Co. will no longer have to defend itself against allegations of aiding in the accounting fraud at mortgage lender Fannie Mae, after plaintiffs voluntarily dismissed the firm from a shareholder derivative lawsuit.

  • February 6, 2007

    RenaissanceRe Settles SEC Claims Over Bogus Deal

    RenaissanceRe Holdings Ltd., a property-catastrophe reinsurance company, plans to shell out $15 million to resolve U.S. Securities and Exchange Commission allegations that it used a sham reinsurance deal to defer $26 million of its earnings.

  • February 5, 2007

    Senate Report Alleges SEC Botched Probe

    An interim Senate report released by two senators says that the U.S. Securities and Exchange Commission has shown extraordinarily lax enforcement with overtones of a possible cover-up.

  • February 5, 2007

    Insurer Must Defend Sunoco In 76 Liability Cases

    An appeals court has ruled that Illinois National Insurance Co. must defend Sunoco Inc. in 76 lawsuits filed against the petroleum seller claiming that it is liable for a hazardous additive used in its gasoline.

  • February 5, 2007

    Banks Protest Class Certification In Enron Case

    Two investment banks accused of playing a role in the accounting fraud that felled Enron Corp. have asked an appeals court to toss the case against them.

  • February 5, 2007

    Ex-CIBC Broker Alleges Wrongful Termination

    A broker once employed by CIBC World Markets Corp. has hit his former firm with a lawsuit alleging malicious prosecution and breach of contract related to the market-timing case investigated by federal prosecutors.

  • February 5, 2007

    Sears To Appeal $73M Verdict Over Bond Buybacks

    Sears Holdings Corp. said Monday it would appeal a verdict from a Texas jury forcing the company to fork over $73.5 million to bondholders to atone for allegedly illegal bond redemptions.

  • February 2, 2007

    N.Y. Rep. Calls For SEC/CFTC Collaboration

    New York Representative Vito Fossella has asked the U.S. Securities and Exchange Commission and the Commodities Future Trading Commission to work together to improve cooperation between the two regulators.

  • February 2, 2007

    Wood River Fund Manager Indicted

    A former hedge fund manager accused of orchestrating a securities fraud scheme that resulted in about $88 million in investor losses was indicted Thursday in Manhattan.

  • February 2, 2007

    Morgan Stanley Consultant Pleads Guilty To Theft

    A former computer consultant for Morgan Stanley on Wednesday pled guilty to charges related to the theft of company proprietary information regarding hedge funds.

  • February 2, 2007

    E.U. Eyes Competition Issues In Bond-Trading Market

    The European Union’s antitrust authority has launched an inquiry into the bloc’s bond-trading market after receiving complaints that the dominant trading platform is being propped up illegally by national legislation.

  • February 2, 2007

    Fed Dodges Race Discrimination Charges

    A federal judge has dismissed a long-running lawsuit in which a group of current and former secretaries accused the Board of Governors of the Federal Reserve System of race discrimination.

  • February 2, 2007

    Judge Invalidates Tax Shelter

    In a move that could influence the ongoing criminal investigation into improper tax shelters, a district court judge has determined that a popular tax shelter is not legitimate.