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.
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.
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.
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.
Mortgage lender Ameriquest Mortgage Co. has been hit with a flood of lawsuits alleging that the company engaged in predatory lending practices.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The U.S. student loan industry faces more scrutiny over allegations of cozy, anti-competitive relationships between universities and lenders—this time in Massachusetts.
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.
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.
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.
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.
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.