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.
Former Refco Inc. CEO Phillip Bennett has been arrested on charges of securities fraud and released on $50 million bond that included his Park Ave. penthouse and $5 million in cash as collateral.
The Supreme Court has denied a petition for a writ of certiorari that would have reinstated a class action lawsuit alleging that Merrill Lynch and one of its analysts misled investors.
Three investigations have been initiated into the legality of mutual fund transactions made by brokerage A.G. Edwards,according to wire reports.
The first broker brought to trial by New York State Attorney General Elliott Spitzer in his attack on mutual fund trading abuses, has slipped through the attorney’s fingers.
Wood River Partners LP, the once high-flying hedge fund in Ketchum, Idaho, is under investigation by the Securities and Exchange Commission, according to the New York Times.
Futures broker Refco Inc. has placed chief executive Philip Bennett on probation after discovering he owed the company $430 million.
The Securities and Exchange Commission has begun an investigation into Man Group, prompted by allegations that the hedge fund helped Philadelphia Alternative Asset Management hide $175 million in losses from investors.
Fairfax Financial Holdings Ltd., the Canadian holding company under probe by the Securities and Exchange Commission, has denied reports the U.S. Justice Department joined the investigation.
The Securities and Exchange Commission has filed a lawsuit against the former executives of the Bayou Group hedge fund, alleging that the Samuel Israel III and Daniel Marino lost and stole hundreds of millions of dollars in investments.
The Securities and Exchange Commission will go to court to defend its controversial rule allowing regulation of hedge funds in a suit brought against the commission by a hedge fund manager.
A federal appeals court has overturned two lower court rulings and restored the class action suits alleging that several major investment banks engaged in price fixing.
Former Salomon Smith Barney telecom analyst Jack Grubman and Citigroup, Inc. have been ordered to pay $2.41 million to a Boston couple who claimed they lost all their money after investing in WorldCom stock upon Grubman’s advice.