Securities

  • August 22, 2008

    RBC In Talks With Regulators To Buy Back ARS

    Royal Bank of Canada is reportedly negotiating with U.S. regulators to buy back auction rate securities from its retail clients, following Thursday's announcement by New York Attorney General Andrew Cuomo that Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank AG have reached agreements to buy back $10.5 billion worth of auction rate securities from investors.

  • September 2, 2008

    Muni Bond MDL Complaint Takes A Jab At Lawyers

    An amended complaint in consolidated antitrust litigation over municipal derivatives has quoted an ex-Internal Revenue Service manager as saying that lawyers might face jail time as a result of alleged bid-rigging, which an attorney for the plaintiffs said reveals the pervasiveness of the conspirators' scheme.

  • August 22, 2008

    D.C. Circ. Upholds PCAOB

    A federal appeals court has upheld the validity of the national audit oversight board created by the Sarbanes-Oxley Act of 2002, dismissing a lawsuit by a conservative think tank that had challenged the board's constitutionality.

  • August 21, 2008

    InfoGroup CEO Sacked For Wild Spending

    InfoGroup Inc. founder Vinod Gupta has resigned as CEO as part of a settlement agreement reached with company shareholders Thursday, following a lawsuit alleging that Gupta misspent millions of company dollars.

  • August 21, 2008

    Taiwan Co. Sues Syntax Bigwigs Over SEC Filings

    A Taiwan-based manufacturing company with an equity interest in bankrupt TV manufacturer Syntax-Brillian Corp. is suing senior executives alleging they signed off on false financial reports before the company collapsed.

  • August 21, 2008

    Cuomo Inks ARS Buyback Deals With 3 More Banks

    Merrill Lynch & Co. Inc., Deutsche Bank AG and Goldman Sachs Group Inc. have become the latest Wall Street firms to sign multibillion-dollar settlements with New York Attorney General Andrew Cuomo over the ill-fated auction rate securities market.

  • August 21, 2008

    Final SEC PIPEs Claim Against Mangan Tossed

    A federal judge on Wednesday dismissed U.S. Securities and Exchange Commission insider trading charges against a former Friedman, Billings, Ramsey & Co. hedge fund manager related to a PIPE deal gone awry.

  • August 21, 2008

    CEOs See Boost In Pay Packages Despite Suits

    Even if a company is targeted in a securities class action, its chief executive officer’s compensation does not automatically take a hit, according to a report by a corporate governance research group.

  • August 21, 2008

    Deal Could Pave Way For CBOE To Launch Stock

    The Chicago Mercantile Exchange Group's Chicago Board of Trade has hashed out the details of a settlement with the Chicago Board of Options Exchange that could end a legal dispute and pave the way for the options exchange to go public in a deal potentially worth billions.

  • August 22, 2008

    Judge Keeps Fraud Suit Against Veritas Execs Alive

    A federal judge has denied several motions to dismiss by three Veritas Software Corp. executives in a lawsuit alleging they filed false and misleading financial statements from 2000 through 2002.

  • September 11, 2008

    Cuomo Follows Spitzer's Path, With New Twists

    While taking a different tack, New York Attorney General Andrew Cuomo has followed the lead of his controversial predecessor by intensely scrutinizing financial institutions, notably investigating the student loan industry and the auction rate securities market.

  • September 3, 2008

    Plaintiffs Bar Attacking On ERISA Front

    In a post-Enron and WorldCom world, the plaintiffs bar is increasingly looking to bring potentially bank-breaking Employee Retirement Income Security Act claims — often in tandem with securities class actions.

  • August 21, 2008

    Judge Keeps BMS Securities Suit In Play

    A federal judge has denied Bristol-Myers Squibb Co.'s motion to dismiss a securities class action that accuses BMS of duping shareholders and causing a stock drop when it failed to properly disclose a patent deal for a generic version of its blood-thinning drug Plavix.

  • August 20, 2008

    City Trust Can't Invest In Equity Securities: Court

    The South Carolina Supreme Court has ruled that the city of Charleston violated the state constitution when it decided to invest funds for employee retirement benefits in equity securities.

  • August 20, 2008

    2nd Circ. Rejects Milberg's Plea For More Fees

    A federal appeals court has affirmed an attorneys' fees award for Milberg LLP that is only about one-third of what the law firm requested for representing the plaintiffs in a class action filed over the accounting scandal at Nortel Networks Corp.

  • August 20, 2008

    Morgan Stanley Wins On Appeal In Telecom Suit

    A federal appeals court has tossed a lawsuit against Morgan Stanley & Co. Inc. filed by the shareholders of 21st Century Telecom Group Inc., who alleged the investment firm was responsible for millions of dollars lost in a merger when the telecom bubble burst during the late 1990s.

  • August 20, 2008

    Judge Consolidates Securities Suits Against Citi

    A federal judge on Tuesday consolidated a group of class action lawsuits alleging that Citigroup Inc. made misleading and inaccurate statements about its exposure to subprime mortgages, resulting in millions of dollars in losses for investors.

  • August 19, 2008

    Fried Frank Confirms Support Staff Layoffs

    In the wake of attorney layoffs at other firms, Fried Frank Harris Shriver & Jacobson LLP has announced that it is letting go an unspecified number of its support staff.

  • August 19, 2008

    Northstar Defendants Move Suit To Fed. Court

    A number of officers and directors of Northstar Neuroscience Inc. have removed a class action to federal court that alleges they breached their fiduciary duty by failing to properly consider two proposed acquisitions.

  • August 19, 2008

    Trader To Pay $280M To Investors In CFTC Deal

    A commodities trader and the asset management company he headed have been ordered to pay fines of more than $20 million and return almost $280 million to investors as part of a settlement with the U.S. Commodity Futures Trading Commission.