Securities

  • July 27, 2006

    Ex-Qwest CFO May Get Easier Rap For Helping Feds

    Federal prosecutors have recommended that the former financial chief of Qwest Communications International Inc. be awarded a lighter sentence for aiding the government in its investigation into the telecommunications giant’s massive accounting fraud scandal.

  • July 27, 2006

    Delphi Creditors Aim To Use SEC Data In GM Lawsuit

    The creditors of a bankrupt auto parts maker said Thursday that they plan to use confidential information from a U.S. Securities and Exchange Commission probe to prepare for a lawsuit against General Motors Corp.

  • July 27, 2006

    Fairfax Hits Hedge Funds With $5B Suit

    Fairfax Financial Holdings has slapped a slew of hedge funds with a $5 billion dollar lawsuit for allegedly hatching a plot to manipulate the insurer's shares.

  • July 26, 2006

    Skilling Request To Toss Convictions Denied

    A federal judge has shot down a bid by Jeffrey K. Skilling to overturn his fraud and conspiracy convictions, giving the green light to federal prosecutors to forge ahead in their case against the former chief executive of Enron Corp.

  • July 26, 2006

    New Executive-Pay Rules Pass Second SEC Vote

    The U.S. Securities and Exchange Commission capped months of debate Wednesday after voting unanimously to approve bold changes to executive-pay disclosures for publicly traded companies.

  • July 26, 2006

    Freddie Mac Settlement Gets Preliminary Approval

    Freddie Mac’s $410 million securities class action settlement is closer than ever to going into effect after the judge gave a nod for preliminary approval, the Ohio State Attorney General announced on Tuesday.

  • July 26, 2006

    SEC Bans Former Conseco Heads From Accounting

    The U.S. Securities and Exchange Commission has suspended the former chief financial officer and chief accounting officer of Conseco Finance from practicing before the Commission for five years.

  • July 26, 2006

    Securities Class Actions At Decade Low, Survey Finds

    The number of securities fraud class action lawsuits has continued to drop this year amid signs that corporations are beginning to take corporate governance more seriously, according to a study by Stanford University.

  • July 26, 2006

    Langone Appeal Denied In Spitzer Suit

    Kenneth Langone’s attorneys have tried their best to poke holes in New York Attorney General Eliot Spitzer’s case against the Home Depot founder, but to no avail. A judge has refused to remove Langone from a lawsuit filed over former New York Stock Exchange Chairman Richard Grasso’s $187 million pay package.

  • July 26, 2006

    HealthSouth Gets New General Counsel

    HealthSouth Corporation has tapped a partner at a Birmingham, Ala.-based law firm, as the company looks to leave behind the massive accounting scandal that nearly bankrupted it.

  • July 26, 2006

    Banks Lose $99M To Global Crossing Investors

    A group of investment banks has agreed to fork over $99 million to settle an ongoing class action lawsuit against collapsed telecommunications company Global Crossing Ltd.

  • July 26, 2006

    SEC Expands Probe Into $46M Payments To Delphi

    The top accountant at Electronic Data Systems Corp. is under scrutiny from the U.S. Securities and Exchange Commission—the latest development in a two-year probe into the millions of dollars the company paid to now-bankrupt auto supplier Delphi Corp.

  • July 25, 2006

    Guilty Verdicts In $550M Fraud Case

    Two former executives of the Baptist Foundation of Arizona (BFA) each face more than four decades in prison after their conviction Monday on charges stemming from their roles in the foundation’s collapse.

  • July 25, 2006

    Lawsuits, Investigations Unaffected By HCA Sale

    While the proposed $22 billion purchase of HCA Inc. by three private equity firms will put the company into private hands, it will not pull the hospital chain out of regulatory hot water.

  • July 25, 2006

    Hedge Funds Can’t Go Unregulated, Cox Says

    An appeals court ruling last month that the Securities and Exchange Commission cannot regulate the hedge fund industry has left a regulatory void, SEC Chairman Christopher Cox told a Senate panel on Tuesday.

  • July 25, 2006

    SEC Investigates Par Pharmaceutical

    The U.S. Securities and Exchange Commission is investigating Par Pharmaceutical Companies Inc. following the company’s July 5 announcement that it will restate its financial results for the fiscal years 2004 and 2005, and the first quarter of 2006.

  • July 25, 2006

    On Eve Of Hearing, Langone Lashes At Spitzer

    With a courtroom battle on the horizon, the legal bout between regulators and former management at the New York Stock Exchange Inc. is approaching its boiling point, with former director Kenneth G. Langone accusing New York Attorney General Eliot Spitzer in court documents of misconstruing evidence.

  • July 24, 2006

    Solvent Refco Unit Agrees To Pay $127.5M

    A solvent subsidiary of bankrupt commodities brokerage Refco Inc. has agreed to pay Refco's creditors $127.5 million, adding to a swelling reservoir of cash set aside to deal with creditors’ claims.

  • July 24, 2006

    Former Investment Advisor Ordered To Pay $30M

    A California man accused of orchestrating a massive affinity fraud scheme has been ordered to pay $30 million in a final judgment by default handed down by a federal judge in Los Angeles.

  • July 24, 2006

    Another Exec Fined In HealthSouth Scandal

    A federal judge has reprimanded yet another former HealthSouth Corp. executive as part of the multi-billion dollar fraud the health care provider allegedly perpetrated over a 10-year span.