Banking

  • May 11, 2007

    SEC Ties Bank Head To Insider Trading Schemes

    The U.S. Securities and Exchange Commission has accused the investment banking head at Faysal Bank in Pakistan of insider trading prior to deal announcements made by companies including Texas utility TXU Corp.

  • May 11, 2007

    CEO Indicted For ERISA Embezzlement

    The owner of a bankrupt company that administered employee benefit plans has been indicted for embezzling $15 million in retirement funds, which prosecutors say he used to buy real estate and art, pay company overhead costs and throw lavish fund-raising parties.

  • May 10, 2007

    EU Rules Against France In Savings Books Dispute

    The European Commission has given France nine months to make legislative changes to end its practice of giving three banking networks exclusive rights to distribute tax-free savings products.

  • May 10, 2007

    Union Leaders Call On SEC To Support Enron Plaintiffs

    A group of union leaders and consumer advocates has asked the U.S. Securities and Exchange Commission to demonstrate its support for investors by filing an amicus brief in the $40 billion shareholder suit against Enron currently on appeal to the U.S. Supreme Court.

  • May 10, 2007

    Ameriquest Sued Over Abusive Lending Practices

    Mortgage lender Ameriquest Mortgage Co. has been hit with a flood of lawsuits alleging that the company engaged in predatory lending practices.

  • May 10, 2007

    Ex-Morgan Stanley Broker Accused Of Insider Trading

    A former Morgan Stanley broker and her hedge fund analyst husband have been arrested in Manhattan on insider trading charges, after being accused of profiting from confidential merger and acquisition information.

  • May 10, 2007

    SEC Probes Hedge Funds' Short-Selling Claims

    The U.S. Securities and Exchange Commission is reportedly investigating claims made in Fairfax Financial Holdings’ $5 billion lawsuit against a slew of hedge funds accused of disparaging the company as part of a short-selling scam.

  • May 10, 2007

    Refco Unit Seeks To Lift Stay To Dismiss Civil Suit

    A unit of bankrupt financial services company Refco Inc. has asked the court overseeing Refco’s bankruptcy to lift an automatic stay so the company can attempt to dismiss a pending civil case.

  • May 10, 2007

    Amaranth Shells Out $717K To Settle SEC Probe

    After losing $6 billion in the largest hedge fund collapse ever, Amaranth Advisors LLC has agreed to fork over $717,000 to put to rest an investigation by the U.S. Securities and Exchange Commission into its allegedly improper use of shares.

  • May 10, 2007

    Brokers Bring Race Bias Suit Against UBS

    Seven African-American brokers at UBS Financial Services Inc. have targeted the firm in a race segregation and discrimination suit, alleging that UBSFS staffed its former Maryland office predominantly with African-American brokers to draw business from clients of the same race.

  • May 10, 2007

    Partial Verdict Favors Brokers In Squawk Box Trial

    A group of former stock brokers received a boost on Thursday when a federal jury found them not guilty on a slew of counts they faced for allegedly taking bribes in exchange for allowing day traders to listen in on confidential conversations held over the firms’ squawk boxes.

  • May 10, 2007

    Attorney Couple Pleads Guilty To Insider Trading

    A husband and wife team of attorneys, one a former employee of Morgan Stanley & Co., pled guilty to insider trading Thursday, just one part of a massive insider trading ring that may have made more than $15 million through an alleged securities fraud scheme.

  • May 9, 2007

    Judge Silences State Farm’s Outcry Over SBA Loans

    A federal judge has rejected a motion sought by State Farm Fire and Casualty Co. to dismiss a lawsuit on the grounds that the policyholders in question had already received a small business administration loan to address their Hurricane Katrina losses.

  • May 9, 2007

    Shareholders Object to Northwest's Chapter 11 Plan

    A group of Northwest Airlines Corp. shareholders has asked a bankruptcy court to halt the airline’s plans to emerge from Chapter 11, arguing the reorganization plan cheats them of billions of dollars.

  • May 9, 2007

    Massachusetts Launches Student Loan Probe

    The U.S. student loan industry faces more scrutiny over allegations of cozy, anti-competitive relationships between universities and lenders—this time in Massachusetts.

  • May 9, 2007

    House Debates Subprime Industry Regulation

    Though Congressmen agree that there are problems with the subprime mortgage industry, they have different ideas about how to tackle them, as evidenced by the debate at Wednesday’s meeting of the House Subcommittee on Financial Services.

  • May 9, 2007

    ABN Amro To Appeal Ruling Blocking LaSalle Deal

    Dutch bank ABN Amro will appeal a Dutch court decision that blocked the sale of subsidiary LaSalle Bank to Bank of America Corp. until ABN shareholders vote on the deal.

  • May 9, 2007

    Court Upholds "Prime Rate" Case Dismissal

    An appeals court has upheld the dismissal of a case which challenged the definition of the term “prime rate” and accused several prominent banks of fleecing customers by charging too much interest under loan and credit card agreements.

  • May 9, 2007

    Morgan Stanley Settles SEC Charges For $7.9M

    Morgan Stanley will hand over $7.9 million to settle claims by the U.S. Securities and Exchange Commission that its automated trading system was programmed to defraud customers.

  • May 9, 2007

    Judge Grants $1M Bail To Ex-Credit Suisse Broker

    After originally being denied bail, a former Credit Suisse Group broker who allegedly leaked confidential information about the $32 billion sale of energy company TXU has been released on $1 million bail by a federal magistrate judge in Manhattan.