A New York teachers' union moved Monday to dismiss a class action alleging that the union acted as a shill for an insurance company and several investment funds, promoting their services to employees in exchange for payments.
A judge on Monday dismissed an adversary proceeding against several underwriters of bankrupt energy company Enron Corp., ending litigation over letters of credit that has dragged on for over four years.
A U.S. magistrate judge on Tuesday approved a final protective order allowing attorneys to designate as confidential any documents obtained during National Century Financial Enterprises Inc.'s bankruptcy proceedings.
The IntercontinentalExchange fought government efforts to overhaul energy trading regulations at a congressional hearing Monday, claiming federal officials already have the legal authority to obtain any available information regarding market trading from the electronic exchange.
Unsecured creditors of Mortgage Lenders Network USA Inc. have lashed out at a bid by the bankrupt company's primary prepetition lender to suspend discovery in the case, arguing that the request may be an attempt to frustrate an ongoing investigation of the relationship between Mortgage Lenders and an offshore affiliate.
A bankruptcy judge on Friday ordered that a U.S. Trustee be appointed to oversee MILA Inc., just days after the subprime lender filed for Chapter 11.
The U.S. Securities and Exchange Commission has amended a complaint filed against online investment company Global Online Direct Inc. and its two principals, asserting that the company was operating a Ponzi scheme that defrauded over 9,400 investors out of $45 million, the SEC said Friday.
An international shareholder group has called on the European Union to increase shareholder democracy in Europe by adopting a “one share, one vote” policy.
A Florida woman has filed a purported class action lawsuit against Bank of America Corp. after a bank manager allegedly deleted the amount of overtime she worked from company records in an effort to receive a branch productivity bonus.
“New Parmalat,” the company to emerge from bankrupt dairy giant Parmalat SpA under Chapter 11, has asked a judge to stay a putative securities class action until its appeal of that judge's order is resolved.
A federal appellate court on Monday ruled that the U.S. Trustee is the proper party to bring an equitable subordination claim, throwing out a request brought by unsecured creditors of former Internet company AppliedTheory Corp. to pursue a suit against a group of hedge funds.
Bankrupt Delphi Corp. said Monday that it has terminated its agreement with Cerberus Capital Management LP, but said the development will not prevent it from filing its reorganization plan by the time its exclusivity period expires at the end of the year.
A case brought against Pepper Hamilton LLP by the trustee of bankrupt Student Finance Corp. was transferred on Thursday in an attempt to further compel the law firm to turn over information pertaining to the loan company's failure.
The European Commission is set to unveil a new set of rules aimed at increasing competitiveness of the insurance industry, in a move that will mean a major change for Europe's largest insurers.
Days after a rival’s increased offer threatened the merger between the Chicago Mercantile Exchange and the Chicago Board of Trade, the two Chicago exchanges have agreed to sweeten the deal for their shareholders by increasing the ration of CME shares that CBOT shareholders would receive.
Though the European Commission has been successful in overseeing financial markets in Europe, the regulator must be careful not to enact legislation that is symbolic rather than effective, said Charlie McCreevy, European Commissioner for Internal Markets and Services.
Two Haidar Capital hedge fund managers and their owner have reached a deal with the U.S. Securities and Exchange Commission to pay $4.58 million to resolve allegations that they took part in a fraudulent scheme to make improper mutual fund trades.
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.