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.
Check processing company DataTreasury Corporation is continuing to wage its David-and-Goliath patent war against the world's biggest financial institutions, winning a settlement and licensing agreement in its lawsuit against France’s Groupe Ingenico.
In another reinsurance scandal exposed after the initiation of an industry wide probe, RenaissanceRe Holdings CEO James Stanard resigned after the Securities and Exchange Commission began an investigation of his company’s finances.
Bond insurer MBIA is close to reaching a settlement with federal authorities over allegations of improper accounting. The settlement is likely to set a precedent for future deals reached by other insurance firms in an industry that has recently been plagued by scandal.
Facing budget constraints, the U.S. Securities and Exchange Commission is considering easing an imminent hedge fund regulation, only months before it is scheduled to begin stemming a tide of irregularities.
In an effort to improve the efficacy of its investment advisor monitoring system, the Securities and Exchange Commission will begin randomly inspecting investment advisors, rather than inspecting each firm once every five years.
Patent attorneys are crying foul as bankrupt commodities broker Refco Inc.’s intellectual property is readied for the auction block, claiming infringing technology is not part of an estate and therefore cannot be sold under bankruptcy law.
Mortgage-buying giants Fannie Mae and Freddie Mac are facing increased scrutiny after the U.S. House of Representatives passed Wednesday legislation to tighten its grip on the government-sponsored companies amid high-profile accounting scandals.
R&G Financial has joined two other major Puerto Rican mortgage companies as the subject Securities and Exchange Commission investigations, announcing that the SEC has launched an informal inquest into its accounting practices.
The Securities and Exchange Commission has begun a formal investigation into mortgage loans acquired by Puerto Rican mortgage company First BanCorp. The investigation comes in the wake of several scandals that have recently hit the Puerto Rican banking industry.
In a discovery sure to prompt several more class-action lawsuits, Refco’s financial statements revealed that before the firm’s collapse insiders received over $1 billion in cash.
Five New York pension funds that sued WorldCom Inc. after the company’s collapse have reached a $78.9 million settlement with the fallen telecommunications company.
Just two months after an impressive $585 million initial public offering, Refco Inc. has filed for bankruptcy, agreeing to sell its core futures brokerage for $785 million in order to salvage some of its other subsidiaries.
American International Group Inc. and its former chief executive are both claiming control over $19 billion in AIG stock that was once used to provide bonuses to top-performing executives.
A landmark decision by the U.S. Patent & Trademark Office this week will lead to a wave of new business-method patents, widening the canyon between U.S. law and the patent regime in other countries, patent attorneys agree.
As futures broker Refco’s financial situation becomes increasingly dire, litigation against the company continues to mount, now encompassing the banks that underwrote Refco’s initial public offering.
The Securities and Exchange Commission has sued Wood River Capital Management LLC, the once high-flying Idaho hedge fund, alleging the firm misled investors by placing the majority of its assets in a single company.
A Texas check imaging company that has rattled money-center banks with sweeping patent litigation has successfully fought back an attempt led by Citigroup to move the case to another jurisdiction.
A hedge fund manager pled guilty Wednesday to lying to regulators about how much stock his fund held in various biopharmaceutical companies and inflate demand for their stock.