Securities

  • November 10, 2005

    Bank Of America Subpoenaed In Refco Investigation

    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.

  • November 10, 2005

    Hospital Chain Slapped With Class Action Suit

    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.

  • November 10, 2005

    Fannie Mae Review Pinpoints Errors In $11B Scandal

    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.

  • November 10, 2005

    Settlement May Be Near In Mutual Fund Class Action

    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.

  • November 9, 2005

    LeBoeuf Beefs Up DC Securities Litigation Team

    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.

  • November 9, 2005

    Mayer Brown Taps Deloitte General Counsel

    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.

  • November 9, 2005

    New Hedge Fund Scandal Spotlights SEC Rule

    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.

  • November 9, 2005

    Arthur Andersen To Fight For Acquital In Obstruction Case

    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.

  • November 9, 2005

    Interpublic Faces Expanded SEC Scrutiny

    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.

  • November 8, 2005

    Conseco Ex-Chief Loses Appeal Over $72M Debt

    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.

  • November 9, 2005

    Data Company Reveals Further Breaches Amid SEC Probe

    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.

  • November 9, 2005

    Bank Of New York Pays $38M In Money Laundering Case

    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.

  • November 8, 2005

    Feds Seize $9M, Stripping Media Baron Of Defense Funds

    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.

  • November 8, 2005

    SEC Defections, Cost Overruns Tax Agency

    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.

  • November 8, 2005

    Futures Commission Objects To Refco Immunity

    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.

  • November 8, 2005

    SEC Settles Charges Against Worldcom Creditor Panelist

    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.

  • November 7, 2005

    Healthcare Exec Settles $117 M Fraud Case

    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.

  • November 7, 2005

    SEC Actions Up Again For '05, Private Suits Way Down

    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.

  • November 7, 2005

    Gold Mine Merger Bid Drove Insider Trading: SEC

    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.

  • November 7, 2005

    Radio Show Hosts Must Disclose Corporate Payments

    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.