Banking

  • January 19, 2007

    Ex-WorldCom Broker Sues Paul Weiss

    A former Citigroup broker whose clients included disgraced WorldCom chief executive Bernard J. Ebbers has sued his ex-representative, Paul, Weiss, Rifkind, Wharton & Garrison LLP, claiming the firm cost him a bigger severance check due to a conflict of interest.

  • January 19, 2007

    CBOE Asks For Dismissal In Chicago Exchange Battle

    The Chicago Board Options Exchange filed a motion Tuesday to dismiss claims made by the rival Boards of Trade for the City of Chicago, arguing that only the Securities and Exchange Commission has jurisdiction over exchange membership rights.

  • January 18, 2007

    Refco Pays $145M In Fees In Ch. 11 Case

    Refco Inc.’s bankruptcy proceedings were among the most expensive in history, with the futures broker paying $145.3 million to professionals who worked on the Chapter 11 case, records show.

  • January 18, 2007

    Circuit Court Upholds Decision To Toss PwC Case

    Big Four accounting firm Pricewaterhouse Cooper has once again been vindicated in court, after an appeals court affirmed an earlier decision dismissing a securities fraud suit filed against the company.

  • January 18, 2007

    Grasso Sounds Off About Legal Costs In Pay Case

    Richard Grasso, the former chairman of the New York Stock Exchange, said the legal costs of fighting a lawsuit challenging his departure pay from the stock exchange might top $100 million.

  • January 18, 2007

    Ex-Fannie Mae Chief Claims OFHEO Is Biased

    The former chief executive of government-sponsored mortgage lender Fannie Mae has asked an appeals court to throw out the case filed against him by the Office of Federal Housing and Enterprise Oversight, claiming the regulator is biased against him.

  • January 18, 2007

    E.C. Seeks To Limit Auditors' Liability

    The European Commission is seeking public comment on financial auditors’ liability, a move prompted by the growing risk of litigation and dearth of available insurance for auditors.

  • January 18, 2007

    CEO On Trial In Biggest South Carolina Fraud Case

    The securities fraud trial of a former executive of a South Carolina mortgage lender got underway Wednesday, as prosecutors attempted to show that Ronald Sheppard was responsible for the biggest bankruptcy in state history.

  • January 17, 2007

    Canadian Court Lets Brokers Join Competitors

    A Canadian appeals court ruling in favor of RBC Dominion Securities Inc. investment advisors who joined rival Merrill Lynch Canada Inc. could make it easier for employees to join competing companies.

  • January 17, 2007

    Attorneys' Fees Eyed At Supreme Court Hearing

    In a case that can have major implications over who pays bankruptcy attorneys’ fees, the U.S. Supreme Court heard arguments Tuesday on whether creditors can recover attorneys’ fees in federal bankruptcy cases.

  • January 17, 2007

    Seven Trading Firms Fined $2.8 Million By NYSE

    A day after the New York Stock Exchange hit seven companies with a combined $2.8 million in fines for multiple trading violations, all seven have chosen to settle their shares of the penalty.

  • January 17, 2007

    Millennium Trader Gets Probation For Late Trading

    A former mutual fund trader at hedge fund Millennium Partners who was the first person to plead guilty in the 2003 investigation of the mutual fund industry has escaped a prison term thanks to his plea bargain with prosecutors.

  • January 16, 2007

    Federal Circuit Axes "Smart Card" Suit Against Visa

    In yet another setback for patent-holding company E-Pass Technologies Inc., a federal appeals court has cleared Visa International and other technology companies of charges of infringing patents for “smart-card” technology.

  • January 16, 2007

    PNC Financial Settles Patent Suit

    PNC Financial Services Group Inc. has settled a suit regarding 16 interactive call-processing patents owned by Ronald A. Katz Technology Licensing LP.

  • January 16, 2007

    Online Betting Facilitators Laundered Billions: Charges

    Federal prosecutors have charged the founders of an online money transfer company with laundering billions of dollars in illegal gambling proceeds.

  • January 16, 2007

    Ex-Refco President Indicted In Accounting Scandal

    Refco Inc.’s former president has been indicted on securities fraud and additional charges for his alleged role in concealing hundreds of millions of dollars in trading losses by the commodities broker and its customers from investors.

  • January 16, 2007

    Insurers Urge High Court To Take Credit Case

    GEICO General Insurance Co. and Safeco Insurance Co. of America on Tuesday argued before the U.S. Supreme Court against an appeals court’s decision that essentially made them liable for violating federal fair credit laws even when they do not do so “willfully.”

  • January 16, 2007

    Visa: E.U. Should Think Twice Before Scrapping Fees

    Eliminating interchange fees on credit cards transactions in Europe could spell the death of the European Union’s plans to create a convenient, cross-border payment system for companies and consumers, Visa Europe said Monday.

  • January 16, 2007

    Jury Selection Begins Over Auditor’s Role In Bankest Fraud

    Jury selection began Tuesday in a case that will decide who was at fault in E.S. Bankest’s spectacular collapse.

  • January 12, 2007

    Forex Fraudster Ordered To Pay $33M

    A man who authorities say swindled investors out of millions of dollars through a foreign currency scam has been ordered to shell out more than $33 million, pushing the total amount of civil sanctions levied over the scheme to almost $150 million.