Securities

  • October 3, 2006

    Securities Star Bids Goodbye To Davis Polk

    Boosting the firm’s New York ranks, Cadwalader, Wickersham & Taft LLP has added a securities veteran from Davis Polk & Wardwell to serve as co-chairman of the firm’s regulatory practice group.

  • October 2, 2006

    Judge Refuses To Overturn Scrushy Conviction

    A federal judge refused Monday to overturn the government corruption convictions of ex-HealthSouth chief executive Richard Scrushy and disgraced ex-governor of Alabama Don Siegelman.

  • October 2, 2006

    Supreme Court Will Not Hear Peregrine Case

    The U.S. Supreme Court will not hear a case filed by shareholders of the now-bankrupt software company Peregrine Systems Inc. that would have determined whether the securities laws of one state apply to companies incorporated in other states.

  • October 2, 2006

    Bail Denied For Ex-Comverse CEO In Namibia

    An Israeli-born executive at the center of the U.S. options-backdating scandal told a Namibian court Monday he would plead not guilty and asserted that the warrant for his arrest was invalid.

  • October 2, 2006

    2nd Circuit OKs $750M Over WorldCom Fraud

    The Second Circuit Court of Appeals ruled on Monday that the Securities and Exchange Commission acted properly in deciding how to distribute a $750 million settlement resulting from a securities class action filed by WorldCom Inc. investors.

  • October 2, 2006

    Judge OKs Fraud Suits In E-Trade, MarketXT Spat

    A federal bankruptcy judge gave the green light on Friday to litigation between E-Trade Financial Corp. and MarketXT Holdings Corp., allowing the companies’ fraud allegations against each other to proceed in the bankruptcy court where MarketXT’s Chapter 11 case is pending.

  • October 2, 2006

    Qwest's $400M Settlement Receives Final Approval

    A federal judge has approved the $400 million settlement reached last year between wronged investors and Qwest Communications International Inc., although the telecom is still entrenched in numerous legal battles with parties that opted out of the deal.

  • September 29, 2006

    Ryan's Restaurant Group Settles Lawsuit

    Ryan’s Restaurant Group Inc. said Friday that it has settled a lawsuit filed in July related to a proposed $876 million merger deal with Buffets Holdings Inc.

  • September 29, 2006

    Refco Must Pay For Customer Suit Against Affiliate

    A federal judge has ordered Refco Inc. to pay more than $4.2 million in legal fees to securities customers who argued they contributed to Refco’s reorganization process by suing one of Refco’s affiliated debtors.

  • September 29, 2006

    SEC Relaxes Redemption Fee Rule

    Complying with U.S. Securities and Exchange Commission regulations just got a little easier for mutual funds. The SEC has amended its redemption fee rule, and extended the deadline for fund compliance.

  • September 29, 2006

    Grant Thornton Snags Former SEC Accountant

    Andrew D. Bailey Jr., the former deputy chief accountant for the Securities and Exchange Commission, has joined Grant Thornton LLP.

  • September 29, 2006

    After Massive Losses, Hedge Fund May Liquidate

    Amaranth Advisors LLC, the hedge fund that announced it had lost $6 billion just over a week ago betting on natural gas prices, said it might liquidate if it cannot find a buyer—and its top candidate for a buyer just bowed out of talks.

  • September 29, 2006

    Ex-Mortage Lender Officers Request Insurance Funds

    The former directors and officers of mortgage lender American Business Financial Services Inc., which converted to Chapter 7 in May 2005, are scrambling for extra insurance funds to pay defense costs for lawsuits alleging fraud lodged against them.

  • September 29, 2006

    French Court Set To Extradite Ex-Bawag CEO

    A French court has made an agreement in principle to extradite the former Bawag PSK chief executive whose alleged mishandling of funds led to billions of euros in losses for the Austrian bank and contributed to Refco Inc.’s collapse.

  • September 29, 2006

    Royal Ahold Avoids Criminal Prosecution

    Dutch food conglomerate Royal Ahold NV will not face criminal charges stemming from an accounting fraud scheme that brought the supermarket giant to the brink of bankruptcy, according to the U.S. Attorney for the Southern District of New York.

  • September 29, 2006

    Shareholders Abandon Tribune Co. Poison Pill Suit

    Shareholders of Tribune Co. have dropped their lawsuit against eight Tribune directors less than two weeks after they accused the media holding company of using a stock buyback plan to ward off a takeover attempt, after a federal judge questioned the case’s subject matter jurisdiction.

  • September 28, 2006

    Scudder Settles With SEC Over Directed Brokerages

    In order to settle allegations that they steered stock trades to specific brokerage firms, the managers of Scudder Distributors Inc. will pay $19.3 million to the Securities and Exchange Commission.

  • September 28, 2006

    Appeals Court Refuses To Reinstate Tyco Case

    An appeals court has affirmed a lower court ruling that tossed out a shareholder class action lawsuit against Tyco International Ltd. and PricewaterhouseCoopers LLP filed in the wake of the billion-dollar accounting fraud that rocked Tyco in 2002.

  • September 28, 2006

    Affiliated Computer Sues Trustee Over Default Dispute

    Affiliated Computer Services has launched a lawsuit against the Bank of New York Trust Co. N.A. after the IT services company received notice that it was allegedly in default of certain bonds.

  • September 28, 2006

    BP Hit With Class Action For Manipulating Oil Prices

    Almost a month after British Petroleum Plc. confirmed that it was under investigation for allegedly manipulating crude oil markets, the oil giant has been hit with a class action lawsuit.