Still haunted by asbestos liabilities, the Travelers Cos. Inc. has agreed to fork over $365 million to put to rest a longstanding lawsuit brought by a bankrupt floor manufacturer which sought to hold the the insurer accountable for billions of dollars in damages.
Bank of America on Friday was ordered to stand trial in Italy, along with four other banks, for market manipulation charges related to the multibillion-dollar implosion of Parmalat SpA, which the dairy king blamed on its financial partners.
The U.S. Securities and Exchange Commission has stepped up its investigation into New Century Financial Corp.’s trading activity from the period before it announced sweeping financial restatements, and issued formal notice of investigation, New Century said Friday.
PricewaterhouseCoopers LLC has agreed to pay $225 million to settle shareholders claims that it should have uncovered fraud by Tyco International Ltd., bringing the total settlement to more than $3.2 billion.
Regulators have called on a district court to hold commodity pool operator Lake Shore Asset Management Ltd. in contempt, accusing the firm of breaching a restraining order issued a week ago.
An appeals court has ruled that companies that process credit card payments for Internet pirates should not be held liable for copyright infringement.
The U.S. Securities and Exchange Commission has stepped up its inquiry into insurance company Assurant Inc. as part of its ongoing investigation into the use of finite reinsurance, the company said Thursday.
IDT Corp. fought to move its fraud case against several financial companies back to a New York state court, claiming a bankruptcy court does not have jurisdiction over willful misconduct charges under the phone company's $42.5 million purchase agreement for Winstar Communications.
Investment bank Wells Fargo & Co. has agreed to pay $1 million to settle claims by investors that its mutual fund advisors paid kickbacks to brokers to secure business.
The U.S. Securities and Exchange Commission has accused two men who control several Texas securities corporations as well as a used car dealership of conning elderly investors out of roughly $35 million, and maybe as much as $55 million, and of using the money to buy houses, cars and an airplane.
The federal judge overseeing the illegal tax shelter case against 16 former executives at KPMG has declined to let the officers off the hook just yet, ruling that the defendants have not quite met the burden of proof necessary to earn a case dismissal.
In the contentious patent spat between check imaging company DataTreasury Corp. and a host of major banks, Bank of America and Wachovia are seeking a summary judgment that would toss another patent from the suit.
Subprime mortgage lender MILA Inc. filed for bankruptcy on Monday, and asked the court to appoint a Chapter 11 trustee to oversee the sale of software the company owns to ensure the company's creditors get the maximum possible return.
The Italian Antitrust Authority has launched a probe into the country's banks and insurance companies over suspicions that the industry's corporate governance structure stifles competition in the financial markets.
A long-running debate about attorney-client privilege continues to stall a tax shelter investigation launched by the Internal Revenue Service against accounting firm BDO Seidman LLP back in September 2000.
Pending ERISA suits alleging that 401(k) plan sponsors breached their fiduciary duties have another hurdle to overcome, now that a Wisconsin judge has dismissed one of the first suits, brought against Deere & Co. and Fidelity Management Trust Co.
The plaintiffs in a dual-pronged consolidated antitrust case against numerous insurers and brokers including Marsh & McLennan Cos. Inc. and American International Group Inc. filed amended complaints Friday reiterating their allegations that the defendants conspired to eliminate competition and reap supra-competitive profits.
The U.S. Securities and Exchange Commission has reached a settlement with an officer at brokerage firm Trautman Wasserman & Co. Inc over an alleged plot to defraud mutual funds through late trading.
A putative securities class action against the reorganized Parmalat SpA, whose predecessor-company's implosion has been likened to the Enron and WorldCom debacles, passed one obstacle Thursday when a federal judge ruled that so-called “New Parmalat” may be held liable for “Old Parmalat's” alleged fraud.
The U.S. Securities and Exchange Commission and the Board of Governors of the Federal Reserve have decided to allow banks to remain outside the broker label for another few months, hoping that the extension will shed more light on how best to implement the proposals arising from the Financial Services Regulatory Relief Act.