A court has dismissed three consolidated class action lawsuits filed against General Motors Corp. affiliated financial services company GMAC LLC, the company said on Monday.
Insurance company AIG is suing a Colorado minister and four church groups over an alleged scheme to file fraudulent insurance claims on behalf of dead parishioners.
In an investigation of stock analysts’ rosy reviews of the collapsing subprime lending industry, a Massachusetts regulator issued subpoenas to investment banks Bear Stearns and UBS Securities.
Goldman Sachs Group Inc. will pay $2 million to settle enforcement proceedings with the U.S. Securities and Exchange Commission and the NYSE Regulation Inc. after both regulators found that the bank’s customers had carried out an illegal trading scheme, the SEC said Wednesday.
Banc of America Securities LLC has agreed to shell out $26 million to the U.S. Securities and Exchange Commission to settle allegations that the firm issued fraudulent research.
Chicago lawyer Jerry Salzman this week joined Skadden, Arps, Meagher, Slate & Flom LLP, as the firm he co-founded 35 years ago prepares to close its doors.
The European Commission on Tuesday voted preliminarily to tighten the guidelines for member state regulators reviewing cross-border bank mergers and acquisitions.
The U.S. Department of Justice may be gearing up to block the impending merger of derivatives exchanges Chicago Mercantile Exchange Holdings Inc. and CBOT Holdings Inc., according to reports.
A federal bankruptcy judge on Tuesday took a U.S. Trustee’s advice and rejected a settlement between Nellson Nutraceutical Inc.’s second-lien lenders and its controlling shareholder, Fremont Capital Partners LLP, that would have inched the company one step closer to exiting Chapter 11.
In an aboutface, the attorneys representing Hurricane Katrina victims have taken their proposed deal with State Farm Insurance off the table, concerned that the multimillion-dollar agreement will never come to pass.
After recent revelations about criminal and regulatory investigations, New Century Financial Corp. said Tuesday that it now faces a grand jury subpoena and a U.S. Securities and Exchange Commission investigation.
Three hackers who allegedly illegally used the brokerage accounts of others to manipulate the prices of 14 different stocks have been slapped with lawsuits by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.
A criminal trial involving Andrew N. Yao, the former head of now-bankrupt Student Finance Corp., began Monday over charges that he lied four years ago during a bankruptcy deposition.
Congressional leaders are pushing regulators to reject Wal-Mart Stores Inc.’s plan to open an industrial bank, contending that it will hurt small businesses and lead to the retail giant’s dominance in this sector.
A Florida jury has convicted two brothers of mail and wire fraud in a scheme to cheat investors who gave them money to buy life insurance policies from the elderly and terminally ill.
Although an increase in international competition has affected the U.S. capital markets, implementing a few reforms to regulations governing the securities industry will make the markets more competitive, according to the U.S. Chamber of Commerce.
Funding for subprime mortgage lender New Century Financial Corp. is quickly drying up, according to the company, which told investors on Monday that its lenders have either cut off funding or are preparing to do so.
A Canadian life insurance company has hit French bank Societe Generale with a proposed class action accusing the bank of causing a Canadian hedge fund to collapse into bankruptcy and asking for $1.36 billion in compensation.
Refco Inc.’s creditors are demanding permission to take a closer look at the fallen futures broker’s underwriters, but the banks are not giving up without a fight.
Russian police investigators seized computer databases of PricewaterhouseCoopers’ Moscow offices on Friday as part of an investigation into whether the international auditing firm had helped the now bankrupt oil giant Yukos avoid taxes.