Banking

  • November 15, 2005

    NYSE Fines Charles Schwab For Poor Control Procedures

    Charles Schwab & Co. Inc. failed to prevent investment advisors from forging checks and letters of authorization to move its customers’ assets, according to a New York Stock Exchange panel, which slapped the broker-dealer with a $1 million fine Tuesday as part of a settlement.

  • November 15, 2005

    Law Firms, Banks Nervously Eye Refco Fall-Out

    Yesterday's lawsuit against Refco's former excecutives by the commodities and foreign exchange broker's largest shareholder has law firms, banks, underwriters and accountants nervously wondering who's next.

  • November 15, 2005

    Fresh Trouble At AIG As SEC Sends Wells Notices

    Unnamed employees at insurance giant American International Group Inc. (AIG) have received notices of an impending investigation from the Securities and Exchange Commission, according to the company’s chief executive officer Martin Sullivan.

  • November 14, 2005

    Refco's Largest Shareholder Sues To Recover $245M

    Refco’s largest shareholder has filed a lawsuit against three former executives at the commodities and foreign exchange broker, seeking to recover $245 million that the firm claims vanished in a plot to hide losses.

  • November 14, 2005

    Bank of America Asks Judge To Toss Parmalat Suits

    Two lawsuits brought against Bank of America by the chief executive and shareholders of Italy’s Parmalat should be dismissed, a lawyer for the bank argued Monday at a hearing before a judge with the U.S. District Court for the Southern District of New York.

  • November 14, 2005

    Easy Targets: Underwriters Fork Out $8.2B+ In '05 Fraud Settlements

    A survey by Securities Law Bulletin shows plaintiffs firms are now targeting underwriters and advisors more aggressively than ever before, with nearly half of all reported securities fraud settlement dollars in 2005 squeezed from so-called third party defendants - primarily investment banks.

  • November 14, 2005

    Citigroup Trader Barred After "Squawk Box" Scandal

    An investigation by the Securities and Exchange Commission has uncovered a scheme to help day traders eavesdrop on “squawk box” conversations at Citigroup, Merrill Lynch and Lehman Brothers to profit from insider information about large institutional transactions.

  • November 11, 2005

    Cox Mulls Efforts To Streamline Regulation

    Combining authorities charged with regulating the securities industry may be beneficial in some cases, Securities and Exchange Commission Chairman Christopher Cox said at the Securities Industry Association’s annual meeting. But he stopped short of completely endorsing the idea.

  • November 11, 2005

    Sovereign Battle Heats Up With Suit, NYSE Complaints

    The battle between Sovereign Bancorp and some of its largest shareholders over two acquisition deals is turning nastier by the day.

  • November 10, 2005

    Bank Of America Subpoenaed In Refco Investigation

    Bank of America and several other major banks that underwrote Refco’s initial public offering have been subpoenaed in connection with the investigation into the futures broker’s collapse.

  • November 10, 2005

    Winning Bid For Refco IP Puts Software Maker In A Jam

    Two contentious lawsuits over Trading Technologies’ heavily asserted patents for futures trading software face an uncertain outcome after bankrupt defendant Refco LLC was purchased at auction Wednesday by another defendant, Man Group PLC.

  • November 10, 2005

    Fannie Mae Review Pinpoints Errors In $11B Scandal

    Mired in an $11 billion accounting scandal, mortgage-buying giant Fannie Mae has released an updated laundry list of irregularities uncovered while researching its own books.

  • November 10, 2005

    Settlement May Be Near In Mutual Fund Class Action

    A federal court has dismissed some of the claims in the class action suit against several major mutual funds, in a move that many believe may hasten the settlement of the case.

  • November 9, 2005

    New Hedge Fund Scandal Spotlights SEC Rule

    The Securities and Exchange Commission has initiated an investigation into another hedge fund charged with defrauding clients, in a move that adds fuel to the already fiery debate over the agency’s efforts to expand jurisdiction over the largely unregulated $1 trillion industry.

  • November 9, 2005

    Arthur Andersen To Fight For Acquital In Obstruction Case

    A federal appeals court has asked attorneys in Arthur Andersen LLP’s obstruction of justice lawsuit to submit court papers on whether to return the case to the district judge or toss it out in light of the U.S. Supreme Court’s conviction reversal.

  • November 8, 2005

    Conseco Ex-Chief Loses Appeal Over $72M Debt

    A three-judge panel of the Indiana Court of Appeals on Tuesday unanimously upheld a lower court's ruling ordering Conseco Inc. founder Stephen Hilbert to pay $72 million to his former company.

  • November 9, 2005

    Data Company Reveals Further Breaches Amid SEC Probe

    Already mired in an SEC investigation and a slew of class action lawsuits, consumer data seller ChoicePoint Inc. said more Americans’ personal information was stolen from its database than it originally announced.

  • November 8, 2005

    Attorney Patents 'Tax Scheme' To Target Insurance Giant

    A Pennsylvania attorney patented a tax avoidance scheme through inequitable conduct, according to insurance provider Travelers Life and Annuity Co., which filed a preemptive lawsuit the same day the patent was granted.

  • November 9, 2005

    Bank Of New York Pays $38M In Money Laundering Case

    The nation’s oldest bank has agreed to pay $38 million in penalties related to allegations of money laundering and fraud brought by the U.S. Attorney’s office in New York, ending a six-year investigation involving suspect Russian and U.S. bank accounts.

  • November 8, 2005

    Futures Commission Objects To Refco Immunity

    Objecting to the terms of Refco Inc.’s bankruptcy, the Commodity Futures Trading Commission told a New York federal court it would oppose any move that erases liability of the company’s flagship futures branch Refco LLC, which will hit the auction-block as part of the deal.