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