Bank of America and several other major banks that underwrote Refco’s initial public offering have been subpoenaed in connection with the investigation into the futures broker’s collapse.
Former executives of embattled hospital chain HCA Inc. are now not only the subject of a Securities and Exchange Commission investigation, but also of a class action lawsuit alleging they made false statements to inflate the company's stock price.
Mired in an $11 billion accounting scandal, mortgage-buying giant Fannie Mae has released an updated laundry list of irregularities uncovered while researching its own books.
A federal court has dismissed some of the claims in the class action suit against several major mutual funds, in a move that many believe may hasten the settlement of the case.
LeBoeuf, Lamb, Greene & MacRae LLP has aggressively staffed up its Washington office after hiring seasoned securities litigator Ralph Ferrara, a 23-year veteran at Debevoise & Plimpton LLP, to head the firm's capital office.
Mayer, Brown, Rowe & Maw LLP has hired Deloitte & Touche’s general counsel, who helped shepherd the Big Four accounting firm through rough legal waters during the accounting scandals of recent years, for its securities litigation practice in Chicago.
The Securities and Exchange Commission has initiated an investigation into another hedge fund charged with defrauding clients, in a move that adds fuel to the already fiery debate over the agency’s efforts to expand jurisdiction over the largely unregulated $1 trillion industry.
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.
Interpublic Group of Cos. Inc. reported another quarterly loss Wednesday following a $514 million restatement the company made in September, as the Securities and Exchange Commission said it had expanded its investigation of the beleaguered third-largest advertising services company.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.