Just days after a federal bankruptcy judge allowed a split in Refco Inc.’s creditors committee, the acting U.S. Trustee in the case is moving to retain her right to object to fees paid to an investment bank employed by the official committee of unsecured creditors.
Conseco Inc., a once-highflying financial services company, prevailed Friday in its fight to avoid paying millions of dollars to cash out an unusual life insurance agreement for the former executive accused of driving the firm into the ground.
In response to a request from the American Bar Association, the U.S. Securities and Exchange Commission has issued additional guidance for hedge fund managers in the wake of an appeals court ruling that overturned the agency’s hedge fund regulations.
A New Jersey mail carrier admitted on Friday that after learning of improper accounting at Bristol-Myers Squibb Co. while serving on a grand jury investigation last year, he spilled the beans to two former Goldman Sachs Group Inc. employees.
Not happy with what they call “the state’s transparent attempt to avoid having a jury” hear Dick Grasso’s case of executive overcompensation, lawyers for the former NYSE chairman said Friday that they will appeal the judge’s decision to hold a bench trial.
A still-solvent unit of bankrupt commodities brokerage Refco Inc. will pay $127.5 million to the company’s creditors after a judge approved the deal, writing off concerns that the unit should save the money to pay off class action lawsuits.
Contending that their work set the stage for a multi-billion dollar settlement, approximately two dozen Refco Inc. customers said Wednesday that they want the bankrupt brokerage to pick up $4.3 million in attorneys’ fees.
The Second Circuit Court of Appeals has reinstated a securities fraud suit—thrown out in 2004 by a lower court—against American Express Co. executives over investments in junk bonds that lost the company millions.
A bankruptcy judge attempted to quell a heated dispute Thursday over controversial changes to Refco Inc.’s creditors committee so negotiations can move forward on a $263 million settlement that would steer Refco closer to emerging from bankruptcy.
A unit of Citigroup Inc. must fork over $1.1 million after 100 brokers allegedly obtained waivers of mutual-fund sales charges that falsely claimed their customers were disabled.
In an unexpected turnaround, a state judge on Tuesday delayed a trial in the excessive pay package lawsuit brought by New York Attorney General Eliot Spitzer against tarnished former New York Stock Exchange chairman Richard Grasso.
The National Association of Securities Dealers has stuck four broker-dealers linked to ING America Insurance Holdings Inc. with a whopping $7 million fine for their directed brokerage activities.
In the latest development in the fallout over the accounting fraud at Adelphia Communications Corp., a federal court has given the tentative green light to a $250 million agreement by 39 financial institutions that would settle a securities class action suit.
The U.S. Securities and Exchange Commission will not appeal the court ruling that struck down the SEC’s rules regulating the hedge fund industry, SEC Chairman Christopher Cox said on Monday.
Hoping to cash in soon on its planned merger with Capital One Financial Corp., North Fork Bancorp Inc. announced Tuesday that it agreed in principle to settle a class action shareholder lawsuit.
In a blow to American Express Co., an appellate judge has vacated a lower court’s dismissal of a class action accusing the financial giant and some of its officials of securities fraud.
A testy battle over trade secrets and employee agreements is brewing between former corporate partners after a group of officers and employees at insurance giant American International Group Inc. were sued by insurance brokerage C.V. Starr & Co. Inc.
In the first public explanation of her decision to split Refco Inc.’s unsecured creditors committee, U.S. Trustee Diana G. Adams said on Tuesday that the move had been necessary to salvage a “bitterly divided committee.”
Securities firms are not adhering to guidelines meant to prevent conflicts of interest in fixed-income research, according to NYSE and NASD regulators.
Banca Popolare Italiana has become the first Italian bank to settle with formerly bankrupt dairy giant Parmalat SpA, which is seeking about €7.5 billion from 50 banks worldwide in claw-back suits.