In a secretive overnight vote, Pennsylvania legislators have rushed through a bill that makes a deep dent in shareholders' campaign to block Sovereign Bankcorp.'s three-way deal with a Spanish bank and a New York thrift.
Federal prosecutors have handed down indictments against three former executives of General Reinsurance, a subsidiary of Warren Buffett’s Berkshire Hathaway Group, and one former executive of insurance company American International Group for their involvement in a scheme that allegedly inflated AIG’s revenues by $500 million.
Northwest Airlines Corp. has asked a bankruptcy judge to delay an antitrust class action lawsuit brought against the carrier, on the grounds that the lawsuit could potentially stall its emergence from bankruptcy.
Veteran intellectual property attorney Mario Aieta has joined Fross Zelnick Lehrman & Zissu PC, a leading firm in the field of trademark, copyright, design and unfair competition law.
In what could be a windfall for Refco customers, one of the commodities broker’s creditors has come up with a proposal that would resolve the question of what to do with the assets customers had kept in accounts at Refco Capital Markets.
A move by the U.S. Securities and Exchange Commission against a hedge fund manager who served on WorldCom’s creditors committee may herald a crackdown against perceived fraud and abuse of insider information gleaned from bankruptcy proceedings, bankruptcy experts say.
U.S. lawmakers are considering proposals to regulate the credit rating agencies that played a role in the downfall of companies such as Enron and WorldCom.
Wisconsin Attorney General Peggy Lautenschlager has asked the governor for permission to retain outside legal counsel to represent the state in the bankruptcy proceedings of power giant Calpine Corp., anticipating complicated maneuvers to wiggle the company out of its energy contracts under the shield of Chapter 11 protection.
Caught in the cyclone of litigation surrounding Italian dairy giant Parmalat’s collapse, Bank of America, a defendant in one of the lawsuits, has been allowed to transfer its case from North Carolina Superior Court to a New York district court.
In a surprising turnaround, the U.S. Court of Appeals for the Federal Circuit has vacated its earlier ruling that Purdue Pharma’s patents for the blockbuster painkiller OxyContin were unenforceable, throwing the case back into the lower court’s lap for reconsideration.
Insurance giant American International Group is headed back to court after filing a lawsuit against the former chief of one of its subsidiaries, alleging that the ex-CEO and several other former employees violated their noncompete agreements by starting their own private equity fund.
A bankruptcy court has approved the reorganization plan of struggling airline ATA, clearing the way for the carrier to emerge from bankruptcy at the end of February.
A New York judge has approved a plan by bankrupt Northwest Airlines Corp. to freeze its pilot pension plan and lower lease and loan payments for some of its aircrafts.
Former Citigroup senior vice chairman and Citibank CEO Victor Menezes will pay almost $2.7 million to settle allegations of insider trading, the U.S. Securities and Exchange Commission said.
The National Association of Securities Dealers has followed through on its bid to stop “pay-for-play” activities in the municipal bond industry, fining Berean Capital Inc. and its president for allegedly failing to disclose political contributions made to both city and state officials.
Less than three years after its opening, Allen & Overy’s U.S.-based litigation practice is booming, with a multitude of major securities and complex corporate litigation cases under its belt.
A Canadian investor accused of trading on insider information about a proposed merger between two mining giants isn’t shielded from prosecution by U.S. regulators just because he isn’t a U.S. citizen, the U.S. Securities and Exchange Commission argued in court papers filed last week.
The U.S. Commodity Futures Trading Commission has accused a Staten Island man and the two funds he controlled of stealing over $5 million from investors in a fraudulent foreign currency futures trading scheme, as the hedge fund industry continues to draw a suspicious eye from regulatory agencies.
The U.S. government wants an independent examiner to oversee the bankruptcy proceedings of fallen futures and commodities broker Refco Inc., after the judge in the case turned down its request for trustee oversight earlier this month.
Blank Rome expects the volume of Chapter 11 filings to remain relatively low, but business remains frisky for the firm, which is involved in headline-grabbing bankruptcies of companies such as Delta, Delphi, Northwest and Winn-Dixie.