Securities

  • November 9, 2005

    Data Company Reveals Further Breaches Amid SEC Probe

    Already mired in an SEC investigation and a slew of class action lawsuits, consumer data seller ChoicePoint Inc. said more Americans’ personal information was stolen from its database than it originally announced.

  • November 9, 2005

    Arthur Andersen To Fight For Acquital In Obstruction Case

    A federal appeals court has asked attorneys in Arthur Andersen LLP’s obstruction of justice lawsuit to submit court papers on whether to return the case to the district judge or toss it out in light of the U.S. Supreme Court’s conviction reversal.

  • 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

    Conseco Ex-Chief Loses Appeal Over $72M Debt

    A three-judge panel of the Indiana Court of Appeals on Tuesday unanimously upheld a lower court's ruling ordering Conseco Inc. founder Stephen Hilbert to pay $72 million to his former company.

  • November 7, 2005

    Healthcare Exec Settles $117 M Fraud Case

    An executive who created journal entries that overstated profits and understated losses to the tune of $117 million reached a settlement with the Securities and Exchange Commission regarding the fraud charges brought against him.

  • November 8, 2005

    SEC Defections, Cost Overruns Tax Agency

    With the departures of several of its top executives, the Securities and Exchange Commission is struggling with personnel issues and cost overruns amid a mandate from the federal government to expand investigations and regulation, attorneys say.

  • November 8, 2005

    SEC Settles Charges Against Worldcom Creditor Panelist

    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.

  • November 8, 2005

    Feds Seize $9M, Stripping Media Baron Of Defense Funds

    For a man facing lawsuits seeking billions of dollars in damages, the federal government’s seizure of $8.93 million may not seem consequential. But fallen media kingpin Conrad Black was counting on that $8.93 million, the last installment in a $10.5 million payment for his 4,500 square foot Manhattan apartment, to pay his mounting legal fees in the numerous fraud suits against him.

  • 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 7, 2005

    SEC Actions Up Again For '05, Private Suits Way Down

    Empowered by Capitol Hill and flush with cash, the Securities and Exchange Commission is continuing to widen its campaign against corporate fraud, with the latest numbers for 2005 showing the agency will again beat its record from the previous year. The trend is offset by a dramatic decrease in filings of private securities fraud lawsuits, which typically complement SEC investigations.

  • November 7, 2005

    Radio Show Hosts Must Disclose Corporate Payments

    Requiring radio stations to disclose payments received for promoting certain stocks does not violate the First Amendment, according to a ruling by Denver’s U.S. Court of Appeals for the Tenth Circuit.

  • November 7, 2005

    Charges Mount Against Guidant As J&J Deal Sours

    Embattled medical device maker Guidant Corporation can now add a federal investigation to its growing list of financial and legal worries, as the Securities and Exchange Commission has initiated a formal probe into the company’s product disclosures.

  • November 7, 2005

    Gold Mine Merger Bid Drove Insider Trading: SEC

    Stockholders used non-public information to illegally purchase call options in a Canadian gold company, just days before a $9.2 billion acquisition bid to create the world's largest gold mining company boosted its stock, according to a federal complaint by the U.S. Securities and Exchange Commission.

  • November 7, 2005

    Dana, Mired In Legal Trouble, Fails To Restate Earnings

    Auto parts maker Dana Corporation said it would not restate its earnings for the past two years in its third-quarter report, an announcement that is likely to prompt several more class action lawsuits against the troubled company.

  • November 4, 2005

    Suit Alleges Manipulation By Execs In Puerto Rican Bank Scandal

    After a Securities and Exchange Commission investigation into three major Puerto Rican mortgage companies revealed massive accounting fraud and caused the resignation of several top executives, investors have begun filing class action suits against the embattled companies.

  • November 4, 2005

    Investors Sue Military Contractor Over Bullet-Proof Vests

    Body armor maker DHB Industries Inc. failed to inform investors that one of its key products, a bullet proof vest, would soon lose the safety certification it needed to be sold to police officers, according to a class action securities fraud lawsuit.

  • November 4, 2005

    ImClone Stockholders Settle Insider Trading Charges

    Two ImClone stockholders accused of insider trading have settled with the Securities and Exchange Commission, agreeing to hand over more than $2.7 million reaped in December 2001 using non-public information about the cancer research company.

  • November 4, 2005

    Plea Bargain May Spell Trouble For Milberg Weiss

    A plea bargain by a former expert witness could whip up a storm for Milberg Weiss, amid allegations of kickbacks to lead plaintiffs by the firm that paved the way for the modern securities class-action industry.

  • November 3, 2005

    SEC Targets Third-Party Vendors In Massive Fraud

    A group of third-party vendors illegally aided massive accounting fraud by auditors at wholesale food distributor U.S. Foodservice, according to a federal complaint filed Wednesday by the Securities and Exchange Commission.

  • 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.