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