Securities

  • 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.

  • July 24, 2006

    Van Der Moolen Washes Its Hands Of Stock Fraud

    In a move that will bring Van der Moolen Holding N.V. and subsidiary Van der Moolen Specialists USA LLC closer to putting memories of an alleged illegal stock trading fraud behind them, the companies have agreed to settle a resulting securities class action for $8 million.

  • July 24, 2006

    Class Action Against Marsh & McLennan To Proceed

    A class action securities lawsuit alleging bid-rigging and price-fixing by insurance company Marsh & McLennan will head to court, after a judge ruled that the plaintiffs’ allegations warrant a jury trial.

  • July 24, 2006

    Waddell & Reed To Pay $50M In Market-Timing Probe

    Investment firm Waddell & Reed will pay $50 million to settle allegations of market-timing brought by three different financial regulators.

  • July 21, 2006

    Cognos Emerges Unscathed From SEC Review

    The U.S. Securities and Exchange Commission has wrapped up an investigation into revenue allocation at Canada’s largest software company, concluding that that Cognos Inc.'s revenue recognition policy does not violate SEC rules.

  • July 21, 2006

    SEC To Name New Chief Accountant

    A long-vacant position at the U.S. Securities and Exchange Commission may soon be filled, with the agency reportedly slated to name Conrad Hewitt as its chief accountant.

  • July 21, 2006

    SEC To Question Morgan Stanley Exec

    Just days after a former Securities and Exchange Commission attorney sued for access to documents from an insider trading probe involving Morgan Stanley chief John Mack, the agency has contacted Mack for more information regarding the allegations.

  • July 21, 2006

    Rogers Funds Agree To $2.3B Refco Unit Settlement

    Two investment funds affiliated with commodities trader Jim Rogers gave up their fight Thursday and joined a settlement with Refco Capital Markets (RCM) after weeks of holding up the deal that would allow customers of Refco to recover $2.3 billion lost as a result of the commodities brokers’ bankruptcy.

  • July 21, 2006

    Homestore Execs Not Out Of The Woods Yet

    A month after a federal jury convicted the founder and former chief executive of Homestore Inc. of masterminding a $67 million accounting fraud, the former owners of a technology company acquired by the online real estate listings firm are seeking to revive civil charges related to the debacle.

  • July 21, 2006

    Par Pharmaceutical Hit With Securities Suits

    Drugmaker Par Pharmaceutical Companies, Inc. has been hit with a lawsuit alleging the company misled investors and overstated its revenue by at least $55 million.

  • July 21, 2006

    Barclays Cleared In Enron Suit Due To Loss Causation

    British lender Barclays PLC was partially freed Friday from the Enron Corp. debacle after a federal judge dismissed an inadequate class action complaint that the bank helped push the defunct energy giant into bankruptcy.

  • July 20, 2006

    SEC Files First Complaint In Stock Options Scandals

    With the promise of more charges to come, federal authorities filed the first criminal and civil complaints in the growing stock options backdating scandal.

  • July 20, 2006

    Court Rejects "They Should Have Known" Defense

    A pair of former executives at defunct Monon Corp. is facing jail time and millions of dollars in fines after a federal appeals court rejected their defense against fraud charges Wednesday. The two men blamed their creditors for helping to drive the company into bankruptcy, saying the lenders should have caught on to their scheme.

  • July 20, 2006

    SEC Likely To Spare Secrecy Of Katie Couric's Riches

    The Securities and Exchange Commission is preparing to vote next week on the most significant overhaul of executive compensation disclosure rules since 1992. But as the vote nears, it’s becoming clear the controversial “Katie Couric clause” will be scrapped or heavily altered, leaving veiled the salaries of star-power nonexecutives.