Securities

  • December 1, 2005

    Ex-Prosecutors Add Perspective For Shearman & Sterling

    Along the trail of multi-billion dollar settlements signed off by investment banks retreating from Enron-related fraud allegations, you won’t find Merrill Lynch & Co. Inc. The firm is represented by New York City-based Shearman & Sterling LLP, which has so far steered clear of a costly agreement.

  • December 1, 2005

    SEC Questions Role Of Hedge Funds In Bankruptcies

    The Securities and Exchange Commission has begun an investigation into the participation of hedge funds in bankruptcy proceedings, concerned that some fund managers may be overstating their bond holdings in troubled companies in order to secure spots on creditors’ committees.

  • December 1, 2005

    Ameriprise To Settle Market Timing Charges For $57M

    American Express Financial Corp., now known as Ameriprise Financial, will pay a total of $57.3 million to settle charges of illegal mutual fund share trading and brokerage misconduct brought by the Securities and Exchange Commission, the National Association of Securities Dealers and the state of Minnesota.

  • December 1, 2005

    SEC Settles First Charges Of Executive Loan Violations

    In the first-ever charges under the Sarbanes-Oxley ban on personal loans to corporate executives, the U.S. Securities and Exchange Commission has settled charges against a pair of Greek shipping executives.

  • December 1, 2005

    $180M Millennium Settlement A Record In Fund Probe

    In the largest settlement reached to date in the mutual fund “market timing” scandal, Millennium Hedge Fund and founder Israel Englander have agreed to pay $180 million to put an end to an investigation into a scheme that regulators say netted millions for the company.

  • November 30, 2005

    Judge OKs Document Subpoena In Refco Bankruptcy

    A federal bankruptcy court Wednesday refused to delay a request by Refco Inc.'s unsecured creditors to subpoena records connected with the company's collapse.

  • November 30, 2005

    Former Gemstar CFO Reaches Deal With SEC

    The former Chief Financial Officer of TV Guide parent company Gemstar has reached a settlement with the Securities and Exchange Commission, which, if approved, will end the civil fraud lawsuit alleging she helped overstate Gemstar earnings by $223 million.

  • November 30, 2005

    Where Others Settle, Gibson Dunn Goes To Court

    In an era where billion dollar settlements in securities cases are commonplace and trials are rare, Gibson Dunn & Crutcher is one defense firm that is not afraid to go to court, taking on everyone from well-known plaintiffs firms like Lerach Coughlin Stoia Geller Rudman & Robbins to the Securities and Exchange Commission.

  • November 30, 2005

    SEC Targets New Hedge Fund In 800K Fraud

    The U.S. Securities and Exchange Commission, stepping up its policing of the lightly regulated $8 trillion hedge fund industry, has sued a money manager that controlled $200 million at one time but lost most of those assets while hiding debt.

  • November 30, 2005

    SEC's HealthSouth Complaint Thrashed By Judge

    In a stinging blow to the Securities and Exchange Commission in its legal onslaught against former HealthSouth Corp. chief Richard M. Scrushy, a judge has rejected the SEC’s amended complaint in the billion-dollar fraud case for lacking specificity.

  • November 29, 2005

    Lord Black Builds Star Defense Team

    The arraignment of former publishing magnate Conrad Black was once again postponed Tuesday when a federal judge gave the former chief executive officer of Hollinger International Inc. another day to prepare for court with his new defense attorneys.

  • November 29, 2005

    Manager Of Minority Fund Absconds With $400,000

    An investment fund manager who allegedly stole $400,000 million from a fund set up to benefit minority owned businesses has been sued by federal prosecutors, four years after the fund collapsed.

  • November 29, 2005

    Capital Powerhouse Takes On High-Profile Cases

    Despite the recent $400 million payout by Qwest Communications International Inc. to settle a host of class action securities fraud lawsuits, it’s easy for defense firm Hogan & Hartson LLC to find a bright silver lining in its involvement in the case.

  • November 29, 2005

    Kmart Agrees to $11.75M Class Action Settlement

    Former employees of Kmart Corporation have won an $11.75 million settlement in their class action suit, which alleges Kmart executives kept the company’s worsening financial condition from them and urged them to continue investing in the company’s stock.

  • November 28, 2005

    Prosecutors Win Guilty Plea In Ahold-Related Case

    On the same day as Dutch retailer Royal Ahold NV settled a shareholder class-action suit for $1.1 billion, a sales manager at a Pennsylvania supermarket vendor pled guilty in Manhattan federal court to a conspiracy charge in connection with Ahold’s alleged multimillion-dollar accounting fraud.

  • November 28, 2005

    U.S. Regulators, Millennium Partners Near Deal: Report

    Government regulators and Millennium Partners LLP are in advanced stages of negotiations to settle charges the renowned $5 billion hedge-fund firm run by Israel Englander was involved in "late trading" of mutual-fund shares, according to a published report.

  • November 28, 2005

    Federated Investors Settle Market Timing Case For $72M

    Three Federated Investors affiliates have agreed to pay $72 million to settle allegations by the U.S. Securities and Exchange Commission and New York Attorney General Elliot Spitzer that they broke federal securities laws with undisclosed market timing arrangements and late trading.

  • November 28, 2005

    Ahold Settles For $1B; Deloitte Still Facing $2B+ Claims

    Dutch food retailer Ahold NV said Monday it agreed to pay $1.1 billion to settle a class-action lawsuit brought by shareholders in the U.S. in the wake of an accounting scandal that rocked markets on both sides of the Atlantic. But Ahold’s accountant, Deloitte & Touche, isn’t out of the woods yet, facing claims of more than $2 billion from Ahold shareholders.

  • November 25, 2005

    Credit Lyonnais Scandal Helped White & Case Hone Skills

    White & Case was prepared for the multi-faceted nature of modern securities litigation by its involvement in one of the most complex securities cases in recent memory, the Credit Lyonnais scandal.

  • November 25, 2005

    In Blow To Shareholders, NYSE OKs Sovereign Deal

    In a significant setback for the largest shareholders of Sovereign Bancorp, the New York Stock Exchange has declined to compel a vote by investors before the bank can sell off a portion of its assets to fund a major acquisition.