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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.