Banking

  • October 31, 2007

    Germany Mulls Foreign Takeover Limits: Report

    After suffering a recent blow at the European Union, Germany is trying to push through a law that would enable the government to thwart foreign investors from taking over domestic companies by deeming them a threat to national security or public order.

  • October 31, 2007

    Allen & Overy Drafts Ex-Assistant U.S. Attorney

    Allen & Overy LLP has drafted a longtime assistant United States attorney who has participated in securities prosecutions against big names, such as Refco Inc., Collins & Aikman Corp. and WorldCom Inc.

  • October 29, 2007

    Bear Stearns Pays $1M To Settle Enron Suit

    Bear Stearns has become the latest company to settle with Enron Corp. creditors after agreeing to pay $1 million to finish a lawsuit related to equity transactions Bear Stearns made in the weeks leading up to the energy company's collapse.

  • October 29, 2007

    High Court Hears Oral Argument In Futures Case

    Futures brokers should be able to bring lawsuits against the exchanges on which they trade, a lawyer for Klein & Co. Futures Inc. argued Monday before a seemingly sympathetic U.S. Supreme Court.

  • October 29, 2007

    Panel Consolidates Sterling Class Actions

    Several lawsuits accusing Sterling Financial Corp. and former officers of lying to investors in order to inflate the company's stock price in violation of U.S. securities laws have been consolidated in the U.S. District Court for the Eastern District of Pennsylvania.

  • October 29, 2007

    BofA Rebukes American Home Over Sale Disclosures

    Bank of America NA has chided bankrupt American Home Mortgage Holdings Inc. and its affiliates for disclosing the purchase price of two loans and allegedly giving potential buyers leverage in buying other loans.

  • October 29, 2007

    Banks, Hedge Funds Say Delta Misled Creditors

    A handful of investment banks and hedge funds are seeking to have Delta Airlines Inc.'s reorganization plan revoked, alleging the airline understated claims against subsidiary Comair Inc. by $250 million to ensure approval of the plan and to pave the way for a possible sale of the regional operator.

  • October 29, 2007

    Supreme Court Refuses To Hear Armstrong Appeal

    Former trader and financial adviser Martin Armstrong, who is currently serving time in prison for a $1 billion fraud, will not get the chance to argue against a contempt conviction that added seven years to his sentence, after the U.S. Supreme Court refused to hear his appeal.

  • October 29, 2007

    Tax-Deferred Exchange Litigation Gets MDL Status

    Two class actions filed over the collapse of real estate investment companies Southwest Exchange Inc. and Qualified Exchange Services Inc., both of which were acquired by bankrupt breast implant firm MediCor, have been consolidated into a multidistrict litigation in the U.S. District Court for the District of Nevada.

  • October 26, 2007

    Wells Fargo Sues AHM, Bear To Fend Off Threats

    American Home Mortgage Holdings Inc., joined by Bear Stearns Cos., has been sued in the nature of interpleader by its securities administrator Wells Fargo & Co., which wants the bankruptcy court to weigh in on which party it owes $1.8 million in mortgage-backed notes.

  • October 26, 2007

    Moody's, S&P, Fitch Subpoenaed In Antitrust Probe

    As the nationwide probe into the credit rating industry's alleged role in the subprime collapse widens to examine potential anti-competitive conduct, Connecticut's attorney general has subpoenaed the three major ratings agencies, his office said Friday.

  • October 26, 2007

    Merrill CEO's Merger Chat Raises Legal Issues

    Merrill Lynch & Co. CEO E. Stanley O'Neal's decision to approach Wachovia Corp. about a possible merger without consulting the company's board of directors led to speculation that his ousting was imminent, and sparked talk about the need for more clarity concerning the obligations of CEOs in deal-making situations.

  • October 29, 2007

    Corporate Fraud Group Touts $2B In Fines, Recoveries

    The U.S. Department of Justice said on Thursday that the President's Corporate Fraud Task Force has netted over $2 billion in fines and restitution for commodities fraud since its founding in 2002, including over $430 million for energy market manipulation and $400 million for hedge fund and commodity pool market-related fraud.

  • November 7, 2007

    Mortgage Crisis Triggers Industry Fall-Out

    As the mortgage industry continues to free-fall, many other businesses are beginning to feel the effects of the the lender meltdown, with everything from home improvement companies to Internet advertisers struggling to stay afloat in the face of an increasingly volatile market.

  • October 26, 2007

    TJX Plaintiffs Seek To Amend With New Breach Details

    In litigation filed against retailer TJX Cos. over what's been called the largest theft of credit card numbers in United States history, a coalition of banks say they've obtained many new details about the security breach, and have asked a judge for permission to amend their claims against the retailer.

  • October 26, 2007

    State Street Faces 2nd Subprime Loss Class Action

    Already under legal fire from retirement units of Prudential Financial Inc. and a New York book publisher, State Street Bank and Trust Co. and its advisory firm have been hit with another class action lawsuit for allegedly misrepresenting its investment strategy for pension plan funds.

  • November 2, 2007

    Foreign Takeovers Face New Regulatory Hurdles

    The U.S. government now has even more power to weigh in on foreign acquisitions of U.S. companies, thanks to increased national security concerns – and a new law with a striking acronym: FINSA.

  • October 25, 2007

    SEC Probes Commerce Bancorp CEO's Departure

    Though federal prosecutors ended their investigation into Commerce Bancorp Inc., the bank's regulatory troubles are far from over. Commerce has disclosed that the U.S. Securities and Exchange has decided to take a closer look at the circumstances surrounding the recent departure of CEO Vernon Hill.

  • October 25, 2007

    FINRA Fines UBS For Late, Missing Broker Reports

    The U.S. Financial Industry Regulatory Authority announced Thursday that it has fined UBS Financial Services Inc. $370,000, saying that the company failed to make disclosures of information about its brokers on time, or in some cases at all.

  • October 25, 2007

    Mortgage Lenders' Exclusivity Clock Reset

    Mortgage Lenders Network USA Inc. has won a second extension of its exclusivity period for submitting a reorganization plan, with a bankruptcy court judge agreeing to push the deadline back another six months.