Banking

  • August 28, 2006

    Ex-Enron Execs Denied Attorney-Client Privilege

    Marking a setback for a bankrupt Enron Corp. unit, a federal bankruptcy judge has ruled that communications between two former executives are not protected from disclosure by the attorney-client privilege under the crime-fraud exception.

  • August 28, 2006

    Third Circuit Decides FMLA Employee Bonus Rights

    In a precedent-setting employment case, the United States Court of Appeals for the Third Circuit ruled in favor of the Vanguard Group Inc., forming a distinction between the two types of company bonus programs in regards to the Family and Medical Leave Act.

  • August 28, 2006

    Morgan Stanley Employees Sue For Overtime Pay

    Employees of Morgan Stanley DW Inc. have hit the investment bank with a class action suit alleging the firm does not adequately compensate them for overtime.

  • August 28, 2006

    SEC Lets SunTrust Off The Hook

    The U.S. Securities & Exchange Commission has dropped its probe into SunTrust Banks Inc., refusing to take action against the bank for alleged accounting errors related to bad loans.

  • August 28, 2006

    Prudential Subsidiary Agrees To $600M Settlement

    In one of the largest settlements to date in the investigations into the misdeeds of the mutual fund industry, a subsidiary of Prudential Financial Inc. has agreed to pay $600 million to resolve a probe into allegations of improper market timing.

  • August 25, 2006

    Finova Forks Over $95M – For Now

    A federal judge ruled Thursday that Finova Capital Corp. will have to hand back about $95 million to Thaxton Group Inc., a bankrupt operator of small loan offices.

  • August 25, 2006

    Arthur J.Gallagher & Co. Subsidiary Subpoenaed

    Risk management company Arthur J. Gallagher & Co. said Thursday that its subsidiary, Gallagher Bassett Services Inc., has been subpoenaed by the Illinois attorney general.

  • August 25, 2006

    Deutsche Bank Guilty of Gender Discrimination: EEOC

    The U.S. Equal Employment Opportunity Commission has found that Deutsche Bank Securities Inc. discriminated against a former saleswoman on the basis of gender.

  • August 24, 2006

    Attorneys, Auditors Likely Targets In Options Suits

    As the options backdating scandal continues to widen, regulators and shareholders may soon set their sights on a new target: the attorneys and auditors consulted in the development and execution of executive stock options plans.

  • August 24, 2006

    Refco's $2B Deal Delayed Once Again

    The fate of a proposed $2 billion settlement to wrap up Refco Inc.’s contentious bankruptcy proceedings is still up in the air after a federal bankruptcy judge Thursday once again postponed a decision on the deal.

  • August 24, 2006

    Judge Upholds Louisiana Insurance Laws

    Louisiana insurance policy holders will get more time to file claims relating to damage caused by Hurricanes Katrina and Rita, thanks to two new laws approved by a state judge on Wednesday.

  • August 24, 2006

    Aon In Talks To Relax Contingency Fee Limits

    Aon Corp. is in the middle of talks with New York Atty. Gen. Eliot Spitzer’s office, hoping to ease some restrictions on how Aon receives compensation.

  • August 24, 2006

    U.S. Attorney's Office Ditches Fannie Mae Probe

    The United States Attorney's Office for the District of Columbia has abandoned its investigation into Fannie Mae, declining to file charges against the embattled mortgage lender for its alleged accounting misdeeds.

  • August 24, 2006

    Trustee Objects To Best's Investment Bank Choice

    The U.S. Trustee overseeing Best Manufacturing Group LLC’s bankruptcy case has objected to the company’s choice of an investment bank, balking at fees that “could total millions of dollars.”

  • August 25, 2006

    Chicago Board of Trade Sues Options Exchange

    The Chicago Board Options Exchange called off merger discussions with the Chicago Board of Trade, just a few hours before the CBOT lodged a lawsuit against the options exchange.

  • August 24, 2006

    Regulator Found Too Lax On Wells Fargo

    A move by the Office of the Comptroller of the Currency to drop a formal sanction against Wells Fargo & Co. for weak money-laundering controls was ruled improper by the U.S. Treasury Department’s inspector general on Wednesday.

  • August 23, 2006

    Merrill Wants Out Of Job Search For Former Worker

    Brokerage giant Merrill Lynch has asked the court to relieve it of its obligation to find a claimant in a high-profile sex-discrimination lawsuit a job, saying that she had turned down a management position the company offered.

  • August 23, 2006

    Estonian Trader Fined For Press Release Theft

    The U.S. Securities and Exchange Commission has nabbed one banker from a renegade Estonian financial services firm that allegedly stole press releases from more than 200 U.S. public companies and traded on the news before it reached the public.

  • August 23, 2006

    Grassley Slams SEC For Slow Pequot Response

    The U.S. Securities and Exchange Commission did not respond quickly enough to concerns about its probe into hedge fund Pequot Capital Management expressed by the Senate Finance Committee, according to a letter sent to the SEC by committee Chairman Charles Grassley.

  • August 23, 2006

    Congoleum Reaches $17M Insurance Settlement

    Bankrupt flooring company Congoleum Corp. is one step closer to untangling its messy insurance situation, after Century Indemnity Co. agreed to pay $16.95 million to a trust created to pay off asbestos claims filed against Congoleum.