• November 9, 2005

    Bank Of New York Pays $38M In Money Laundering Case

    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.

  • November 8, 2005

    Futures Commission Objects To Refco Immunity

    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.

  • November 8, 2005

    DataTreasury Wins Settlement In Check Imaging Litigation

    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.

  • November 3, 2005

    Reinsurance Scandal Leads To CEO Resignation

    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.

  • November 3, 2005

    Bond Giant Likely To Settle Accounting Fraud Case

    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.

  • October 31, 2005

    SEC May Relax New '06 Hedge Fund Regulation

    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.

  • October 31, 2005

    SEC To Begin Randomly Inspecting Investment Advisors

    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.

  • October 31, 2005

    Refco IP Auction: Patent Attorneys Say "Not So Fast"

    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.

  • October 28, 2005

    House Bill Targeting Fannie Mae, Freddie Mac Passed

    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.

  • October 25, 2005

    SEC Probe Into R&G Widens Puerto Rican Mortgage Scandal

    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.

  • October 24, 2005

    SEC Investigates BanCorp Accounting Discrepancies

    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.

  • October 20, 2005

    Refco Paid Insiders $1B In Cash Before Collapse

    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.

  • October 19, 2005

    Pension Funds Win $78.9 M In WorldCom Suit

    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.

  • October 18, 2005

    Refco Files For Bankruptcy, Agrees To Sell Futures Brokerage

    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.

  • October 18, 2005

    $19B Tug-O-War Pits AIG Against Its Former CEO

    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.

  • October 18, 2005

    Attorneys Eye "Tidal Wave" Of Biz Method Patents

    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.

  • October 17, 2005

    Class Action Suits Filed Against Refco Underwriters

    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.

  • October 14, 2005

    SEC Sues Wood Partners Over Investment Decision

    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.

  • October 13, 2005

    Check Technology Case Stays In Texas

    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.

  • October 13, 2005

    Former Hedge Fund Exec Pleads Guilty In Pharma Stock Scandal

    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.