Yahoo Inc. formally named activist-investor Carl Icahn to its board of directors as part of a July 21 deal that ended a bitter proxy fight over Microsoft Corp.'s bid to buy Yahoo, the company's filings with the U.S. Securities and Exchange Commission Wednesday show.
The Sarbanes-Oxley Act doesn't protect the job of a former chief financial officer who blew the whistle on his employer's allegedly questionable accounting, as he didn't prove that he reasonably believed the practices violated the law, an appeals court has ruled.
Prudential Financial Inc. has agreed to settle a lawsuit filed by the U.S. Securities and Exchange Commission alleging the financial services firm improperly reported more than $200 million in income related to reinsurance contracts.
Two former high-ranking executives of National Century Financial Enterprises Inc. were sentenced to a total of 27 years in prison Wednesday for their roles in the collapse of the health care finance company that cost investors $1.9 billion. Both had been facing essentially life terms in prison.
Four global banks that underwrote Merrill Lynch & Co. Inc.'s preferred stock offerings in late 2006 and early 2007 were voluntarily dismissed as defendants in a class action Tuesday as a major ERISA suit involving collateralized debt obligations took another step forward.
Ernst & Young LLP, its chief operating officer and another partner were censured Tuesday by the U.S. Securities and Exchange Commission for “improper professional conduct.”
The U.S. Securities and Exchange Commission has published a new rule that would require auditors evaluating financial statements under the Sarbanes-Oxley Act to report not only accounting inconsistencies but also misstatements.
A New Jersey appeals court has given the go-ahead to a lawsuit in which a plaintiff sued his attorney for alleged malpractice that he says was a relevant factor behind his decision to settle earlier litigation.
Investors in Wachovia Corp.'s Evergreen Ultra Short Opportunities Fund have filed a fraud suit against the bank, accusing Wachovia of incorrectly valuing the now-defunct fund in order to artificially inflate its share price.
UBS AG is reportedly engaged in settlement talks with Texas securities regulators who want to suspend the bank's license in the state as a result of complaints from investors who purchased auction rate securities from the financial services firm.
Wilson Sonsini Goodrich & Rosati PC has paid $9.5 million to Brocade Communications Systems in order to be released, along with firm chairman Larry Sonsini, from an action the data management company hopes will replace all existing derivative shareholder litigation over Brocade's backdating scandal.
A judge has overturned a $280 million jury verdict in a securities fraud suit against Apollo Group Inc. — the for-profit company that runs the University of Phoenix — saying the jury had insufficient evidence to find in favor of shareholders.
Bryan Cave LLP has scored an exceptional addition to its Chicago office, as a veteran litigator and current state’s attorney has signed on to head the litigation group and practice with the white-collar defense and securities groups, the firm announced Monday.
In the first six months of 2008, plaintiffs attorneys filed 110 securities class actions – more than the total number from all of 2007, according to a study released Wednesday. The financial sector was the hardest hit, with most of the class actions coming in the wake of the credit crunch and the auction rate securities mess.
If New York Attorney General Andrew Cuomo has his way, Citigroup Inc. may be the next investment bank to be hit with an auction rate securities fraud suit.
The system for investigating insider trading in the United States may reportedly be facing changes, with regulatory supervision consolidated away from individual stock exchanges,
Anthony Mansfield, formerly an attorney with the U.S. Commodity Futures Trading Commission and later with Heller Ehrman LLP, has joined McDermott Will & Emery LLP’s Washington, D.C., energy and derivatives markets group.
UBS AG has accepted the resignation of General Counsel David Aufhauser amid reports that he is an unnamed defendant in a multibillion-dollar lawsuit filed by New York's attorney general over the bank's involvement in the ill-fated auction rate securities market.
The U.S. Securities and Exchange Commission, intent on bringing increased clarity and transparency to financial reporting, received a key report from an advisory committee Friday and is looking to implement its recommendations, the agency announced.
A securities class action with a longer proposed class period than similar actions was filed against the leaders of IndyMac Bancorp Inc. on Friday, a day after the mortgage lender filed for Chapter 7 bankruptcy protection.