Securities

  • August 6, 2008

    Icahn Officially Named To Yahoo's Board

    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.

  • August 6, 2008

    Whistleblowing CFO Still Fired: 4th Circ.

    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.

  • August 6, 2008

    Prudential Financial Settles SEC Claims With No Fine

    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.

  • August 6, 2008

    Ex-National Century Execs Sentenced In Fraud Case

    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.

  • August 6, 2008

    Banks Let Off Hook In ERISA Suit Against Merrill

    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.

  • August 6, 2008

    Ernst & Young Slapped With $2.9M SEC Fine

    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.”

  • August 5, 2008

    New SOX Rule Hopes To Track Misstatements

    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.

  • August 5, 2008

    N.J. High Court Makes Exception For Suing Counsel

    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.

  • August 5, 2008

    Wachovia Sued Over Bond Fund Collapse

    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.

  • August 5, 2008

    UBS May Settle With Texas Regulators Over ARS

    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.

  • August 6, 2008

    Wilson Sonsini Released From Brocade Suit For $9.5M

    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.

  • August 5, 2008

    Apollo Group Wins Reversal Of $280M Verdict

    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.

  • August 5, 2008

    Bryan Cave Scores Decorated State's Attorney

    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.

  • August 4, 2008

    It's A Bull Market — For Securities Class Actions

    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.

  • August 4, 2008

    Cuomo May Sue Citigroup Over ARS

    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.

  • August 4, 2008

    Stock Exchanges May Cede Regulatory Supervision

    The system for investigating insider trading in the United States may reportedly be facing changes, with regulatory supervision consolidated away from individual stock exchanges,

  • August 4, 2008

    McDermott Scores Former CFTC Trial Lawyer

    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.

  • August 4, 2008

    UBS Lawyer Quits Amid ARS Scandal

    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.

  • August 4, 2008

    SEC To Make Financial Reporting Improvements

    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.

  • August 4, 2008

    IndyMac Honchos Face More Legal Woes With Suit

    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.