Facing budget constraints, the U.S. Securities and Exchange Commission is considering easing an imminent hedge fund regulation, only months before it is scheduled to begin stemming a tide of irregularities.
Patent attorneys are crying foul as bankrupt commodities broker Refco Inc.’s intellectual property is readied for the auction block, claiming infringing technology is not part of an estate and therefore cannot be sold under bankruptcy law.
Mortgage-buying giants Fannie Mae and Freddie Mac are facing increased scrutiny after the U.S. House of Representatives passed Wednesday legislation to tighten its grip on the government-sponsored companies amid high-profile accounting scandals.
R&G Financial has joined two other major Puerto Rican mortgage companies as the subject Securities and Exchange Commission investigations, announcing that the SEC has launched an informal inquest into its accounting practices.
The Securities and Exchange Commission has begun a formal investigation into mortgage loans acquired by Puerto Rican mortgage company First BanCorp. The investigation comes in the wake of several scandals that have recently hit the Puerto Rican banking industry.
In a discovery sure to prompt several more class-action lawsuits, Refco’s financial statements revealed that before the firm’s collapse insiders received over $1 billion in cash.
Five New York pension funds that sued WorldCom Inc. after the company’s collapse have reached a $78.9 million settlement with the fallen telecommunications company.
Just two months after an impressive $585 million initial public offering, Refco Inc. has filed for bankruptcy, agreeing to sell its core futures brokerage for $785 million in order to salvage some of its other subsidiaries.
American International Group Inc. and its former chief executive are both claiming control over $19 billion in AIG stock that was once used to provide bonuses to top-performing executives.
A landmark decision by the U.S. Patent & Trademark Office this week will lead to a wave of new business-method patents, widening the canyon between U.S. law and the patent regime in other countries, patent attorneys agree.
As futures broker Refco’s financial situation becomes increasingly dire, litigation against the company continues to mount, now encompassing the banks that underwrote Refco’s initial public offering.
The Securities and Exchange Commission has sued Wood River Capital Management LLC, the once high-flying Idaho hedge fund, alleging the firm misled investors by placing the majority of its assets in a single company.
A Texas check imaging company that has rattled money-center banks with sweeping patent litigation has successfully fought back an attempt led by Citigroup to move the case to another jurisdiction.
A hedge fund manager pled guilty Wednesday to lying to regulators about how much stock his fund held in various biopharmaceutical companies and inflate demand for their stock.
Former Refco Inc. CEO Phillip Bennett has been arrested on charges of securities fraud and released on $50 million bond that included his Park Ave. penthouse and $5 million in cash as collateral.
Three investigations have been initiated into the legality of mutual fund transactions made by brokerage A.G. Edwards,according to wire reports.
The first broker brought to trial by New York State Attorney General Elliott Spitzer in his attack on mutual fund trading abuses, has slipped through the attorney’s fingers.
The Supreme Court has denied a petition for a writ of certiorari that would have reinstated a class action lawsuit alleging that Merrill Lynch and one of its analysts misled investors.
Wood River Partners LP, the once high-flying hedge fund in Ketchum, Idaho, is under investigation by the Securities and Exchange Commission, according to the New York Times.
Futures broker Refco Inc. has placed chief executive Philip Bennett on probation after discovering he owed the company $430 million.