Banking

  • October 16, 2006

    Chadbourne Snags Restructuring Team From Orrick

    Raiding Orrick, Herrington & Sutcliffe LLP’s bankruptcy and debt restructuring group, Chadbourne & Parke LLP has lured three practitioners to join its bankruptcy and financial restructuring group in the firm’s London office.

  • October 16, 2006

    SEC Penalizes Brokerage Firm For Fund Trades

    The U.S. Securities and Exchange Commission has come down against registered broker-dealer Wall Street Access for allegedly letting its hedge fund clients market time mutual funds.

  • October 16, 2006

    DOJ’s N.Y. Office Not Feared By Private Equity Firms

    While the federal probe into anti-competitive behavior in the private equity industry has ruffled feathers at some firms, the fact that the Department of Justice’s New York office is leading the charge has many breathing a sigh of relief.

  • October 16, 2006

    Insufficient Records, Supervision Costs Firm $850,000

    The National Association of Securities Dealers has fined Citizens Bank of Rhode Island subsidiary CCO Investment Services Corp. $850,000 for inadequate supervision and recordkeeping.

  • October 13, 2006

    Hedge Fund Managers Indicted For $2M Scheme

    The two founders of a failed hedge fund have been indicted for stealing millions from their investors.

  • October 13, 2006

    Former Fleet Specialist Starts NYSE Fraud Trial

    In a case that could be crucial in the government’s ongoing pursuit of improper trading practices at the NYSE, David Finnerty, a former floor trader for Fleet Specialist Inc., started his fraud trial on Friday.

  • October 13, 2006

    SEC Warns Hackers Prey On Brokerage Accounts

    Securities regulators raised concerns Friday that hackers were targeting U.S. online brokerage accounts.

  • October 13, 2006

    NASD, NYSE Continue Quest For Harmonization

    Major U.S. stock markets are working toward harmonizing their regulatory arms, but have not yet addressed the question of whether the two main regulating bodies should be combined into a single entity.

  • October 13, 2006

    Insurance Organization Opposes Zurich Settlement

    A proposed class settlement that came out of Zurich Financial Services’ alleged bid-rigging scandal is being challenged by a national trade association, which feels small and medium insurance agents will suffer unfair adverse effects.

  • October 12, 2006

    SEC Links Real Estate Co. To Ponzi Scheme

    The U.S. Securities and Exchange Commission has brought a fraud suit against a real estate development company and its founder alleging they orchestrated a $30 million Ponzi scheme.

  • October 12, 2006

    Disney And Shamrock Sue Software Maker IPass

    Incensed by network software maker IPass Inc.’s failure to release information relating to an unprofitable merger, Shamrock Activist Value Fund, an investment company owned by Roy Disney, sued the company in a Delaware court on Tuesday.

  • October 12, 2006

    Restructuring Industry Sees Big Changes: Poll

    A poll released Thursday found that turnaround professionals are working differently given the unprecedented liquidity in the marketplace, the change in the bankruptcy law and the drop in companies seeking Chapter 11 protection.

  • October 12, 2006

    M-Flex Sues To Quell Hedge Funds' Support For Deal

    Flexible printed circuit maker Multi-Fineline Electronix Inc. is suing a group of hedge funds and management companies, claiming the defendants ran afoul of federal securities laws by failing to disclose their stake in a company that Multi-Fineline may acquire.

  • October 12, 2006

    LeClair Ryan Opens N.Y. Office, Hires 3 New Partners

    LeClair Ryan has snagged a bankruptcy law veteran, a former Goldman Sachs & Co. Inc. associate general counsel and a federal prosecutor to head up the Virginia-based firm’s new Manhattan office, the firm announced Thursday.

  • October 12, 2006

    FICO Credit Score Company Sues Credit Agencies

    The company behind the widely used FICO credit score rating, Fair Isaac Corp., has stuck three national credit reporting agencies with an antitrust lawsuit over the launch and marketing of a similar credit scoring model.

  • October 12, 2006

    FTC Continues Crackdown On Broker Groups

    The Federal Trade Commission stepped up its probe into the real estate industry on Thursday, charging two real estate groups in the Detroit area with illegally restraining competition and signing consent orders with five other groups around the country.

  • October 11, 2006

    Sovereign CEO Ousted Amid Shareholder Frustration

    Amid criticism of corporate governance and falling stock prices, the chief executive officer and president of Sovereign Bancorp Inc. stepped down from his position on Wednesday.

  • October 11, 2006

    Attorney General Can Investigate UnitedHealth's Options

    A Minnesota judge ruled on Tuesday that the state’s attorney general is allowed to investigate UnitedHealth Group for its stock options practices, despite numerous other similar pending investigations into the health insurer.

  • October 11, 2006

    Insurance Industry Swamped By Litigation: Survey

    With the amount of litigation all over the world on the rise this year, the insurance industry in particular suffered from a wave of lawsuits, according to a new study by the law firm Fulbright & Jaworski LLP.

  • October 11, 2006

    Bankrate To Fork Over $3M To Settle Antitrust Spat

    Burying the hatchet in a long-running antitrust spat, Bankrate Inc. said Wednesday it would shell out $3 million to settle a lawsuit brought against it by American Interbanc LLC.