Shareholders in securities class action lawsuits against bankrupt auto parts manufacturer Delphi Corp. are seeking an exemption from bankruptcy laws to force the company to hand over documents considered vital to the plaintiffs.
Austria’s Bawag P.S.K. Bank has sued former Refco Inc. CEO Phillip Bennett over a 350-million-euro loan extended just hours before the commodities and foreign exchange broker revealed Bennett had hidden $430 million of debt.
Refco’s largest shareholder has filed a lawsuit against three former executives at the commodities and foreign exchange broker, seeking to recover $245 million that the firm claims vanished in a plot to hide losses.
Two contentious lawsuits over Trading Technologies’ heavily asserted patents for futures trading software face an uncertain outcome after bankrupt defendant Refco LLC was purchased at auction Wednesday by another defendant, Man Group PLC.
The co-chairman of the former WorldCom Inc. creditors committee was suspended from the brokerage industry for six months in a settlement agreement with the Securities and Exchange Commission, which had accused him of lying to gain a position on the panel.
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.
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.
Krispy Kreme Doughnuts, a company mired in financial trouble and an increasing number of lawsuits, has filed a motion to dismiss a class-action lawsuit alleging the company made false statements about projected earnings just before the stock collapsed.
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.
Shareholders of the now-bankrupt Lernout & Hauspie Speech Products N.V. have filed a class-action lawsuit alleging the company’s executives engaged in massive accounting fraud that led to its eventual downfall.
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.
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.