A judge has thrown out a lawsuit brought by the Securities and Exchange Commission against a former executive of an online trading company, ruling that contrary to Commission allegations, he was unaware that the trades he was making were illegal.
New York Attorney General Eliot Spitzer’s market timing investigation has yielded yet another multi-million dollar settlement, with two Texas hedge funds agreeing to pay $37.7 million to settle allegations of market timing and late trading.
The Securities and Exchange Commission filed an emergency enforcement action Wednesday to prevent an allegedly fraudulent hedge fund from continuing to spend its customer’s investments for personal use.
The largest shareholder of Sovereign Bancorp Inc. is petitioning regulators to halt a $2.4 billion deal between Sovereign and a major Spanish bank, claiming the New York Stock Exchange will be in violation of its own rules if it prevents shareholders from voting on the deal.
Bank of America has been admitted as a civil plaintiff in the Italian fraud trial of dairy and juice company Parmalat Inc. The surprising turnaround allows the lender to portray itself as victim after being accused of fraud in the food giant’s collapse.
In one of the highest penalties ever imposed on a bank, federal prosecutors have fined Dutch bank ABN Amro Bank NV $80 million for money-laundering and violating federal restrictions on deals with Iran and Libya.
The National Association of Securities Dealers has taken action against three investment banks accused of suitability and supervisory violations, levying $19.5 million in fines in a continuing investigation into improper mutual fund sales practices.
Electronic telecommunications exchange firm Arbinet-thexchange Inc. sued rival World-Link Telecom Inc. Monday, asserting its patents for electronic trading of telecommunications capacity.
A fallen executive from the accounting firm of radio personality Howard Stern’s pled guilty Monday to illegally trading Sirius Satellite Radio Inc.’s stock before the popular host announced that he would move to the fast-growing media company.
Global investment bank Bear Stearns has agreed to pay $250 million to settle allegations of improper trading practices, becoming the latest Wall Street firm to pay fines related to the market timing scandal that rocked the mutual fund industry in 2003.
The Securities and Exchange Commission has set its sights on three more officials of crumbling media company Hollinger Inc., notifying three directors of the company’s audit committee that they may be sued for their failure to stop the massive fraud allegedly orchestrated by top executives.
The Securities and Exchange Commission has the power to overturn fines imposed by the National Association of Securities Dealers, according to a ruling handed down by a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit.
When the New York Stock Exchange is performing duties on behalf of the Securities and Exchange Commission, it is exempt from fraud litigation, according to a federal judge who dismissed Tuesday the NYSE as a defendant in a lawsuit brought by pension funds.
Sovereign Bancorp Inc.'s largest shareholder, Relational Investors LLC, has filed a lawsuit to stop a $3.6 billion deal between the bank, Spain's Banco Santander Central Hispano SA and Independence Community Bank Corp.
Wall Street powerhouse Bear Stearns & Co. is suing to block a $960 million investor class action settlement reached by healthcare firm McKesson Corp., which Bear Stearns advised prior to a disastrous merger in 1999.
Morgan Stanley has appealed the $1.45 billion award won by financier Ronald Perelman earlier this year in a dispute over Perelman’s sale of camping-gear company to Sunbeam Corp. in 1998.
Real estate company Cendant Corp. continues to feel the effects of its 1998 accounting fraud scandal, agreeing to pay $32.5 million to settle a shareholder lawsuit stemming from a stock drop caused by the disclosure of the fraud.
The Securities and Exchange Commission settled its probe into broker-dealer CIBC World Markets Corp. Monday, slapping the Canadian company with stiff fines to end its investigation into so-called “pay-to-play” violations related to a political campaign by former California governor Grey Davis.
The Securities and Exchange Commission’s probe into the lucrative reinsurance industry has expanded to include holding company Scottish Re Group Ltd. The firm said Monday it had been served with a subpoena related to an investigation launched by the regulatory agency earlier this year.
A challenge to its proposed regulation of hedge funds has landed the Securities and Exchange Commission in court, where it will defend a rule that will require hedge fund managers to register with the Commission and subject themselves to inspection and regulation.