Securities

  • January 31, 2007

    Judge Sanctions NTL For Botching Evidence

    A magistrate judge has ordered NTL Inc.’s two reorganized companies, both defendants in a federal securities fraud case, to pay plaintiffs’ attorneys fees for tying up the discovery process and allowing key information to be destroyed.

  • January 31, 2007

    SEC OK's Expanded Soft-Dollar Pools

    The U.S. Securities and Exchange Commission has given investment bank Goldman Sachs Group Inc. permission to expand its client-commission arrangements to include a wider range of firms.

  • January 31, 2007

    Clear Channel Accused Of Bid Rigging

    A shareholder of Clear Channel Communications has challenged the media company’s attempt to sell the company, saying the bidding process was rigged by top executives who are part of a group of investors that wants to take over the company.

  • January 31, 2007

    Prosecutors Say AOL Execs Aided Fraud

    Prosecutors for the United States government accused executives at America Online on Tuesday of conspiring with a now-defunct technology firm in Las Vegas to inflate the firm’s revenue using secret side deals and backdated contracts.

  • January 31, 2007

    Hedge Fund Boss Jailed For Stock Market Fraud

    A hedge fund manager who deceived investors by manipulating the stock market and pocketing $40 million in performance fees has been jailed for three years.

  • January 31, 2007

    Judge Says Parmalat Can't Unify Cases

    An Italian judge on Wednesday said he would not let Parmalat SpA consolidate three lawsuits against the dairy company and its subsidiaries into a case that would have brought as many as 100 defendants into one trial.

  • January 31, 2007

    Final Executive In CA Accounting Fraud Sentenced

    Former Computer Associates executive Lloyd Silverstein, who was the first executive to plead guilty in the $2.2 billion scandal at Computer Associates, received no jail time in his sentencing Wednesday.

  • January 31, 2007

    Merrill Lynch To Pay $40.3M Settlement

    A New York federal judge has signed off on a $40.3 million settlement for mutual fund investors who claimed Merrill Lynch & Co. Inc. provided misleading analyst research about Internet companies to attract profitable investment banking business.

  • January 31, 2007

    Accounting Firms Form Audit Review Group

    In an industry still reeling from accounting scandals from the late 1990s, the country's largest auditors have formed a nonprofit group which seeks to restore shareholders’ confidence by involving them in improving auditing procedures.

  • February 1, 2007

    Pension Fund Resolves Fraud Suit Against Qwest

    Qwest Communications International Inc. has reached a $47 million settlement with one of the country’s biggest pension funds over allegations that the telephone company swindled the fund out of $150 million.

  • January 30, 2007

    Backdating Charges Surface In Caremark Row

    Hoping to suppress evidence of stock option backdating, directors of Caremark Rx Inc. are choosing to take a deal that minimizes the profit for shareholders, Express Scripts Inc. charges in an amended lawsuit regarding its race with CVS Corp. to take over the pharmaceutical benefit company.

  • January 30, 2007

    Judge Slashes Milberg Fee Request

    A judge has awarded Milberg Weiss & Bershad and other firms about a third of what they requested in fees and expenses for representing the plaintiffs in a lawsuit filed over the accounting scandal at Nortel Networks Corp., but attorneys will still get a paycheck of more than $37 million.

  • January 30, 2007

    SEC OKs Market-Based Options Valuation

    The U.S. Securities and Exchange Commission has approved a market-based system for evaluating employee stock options, marking the first time the agency has favored a market-based model over academic methods.

  • January 30, 2007

    Calgon Carbon Awarded $10 Million In Fraud Case

    Calgon Carbon Corp. was awarded $10 million after charging three investment firms with negligent misrepresentation regarding the carbon company’s purchase of common stock of Advanced Separation Technologies Inc.

  • January 30, 2007

    Ex-Cendant Executives Avoid Prison Terms

    Two former executives of Cendant Corp. have been sentenced to probation for their roles in a $500 million accounting fraud scheme at the company, just days after the company’s former chairman was handed a 12-year prison sentence.

  • January 30, 2007

    Former Trader Fined For Fraud In PIPE Deal

    A former executive of investment firm SG Cowen & Co. LLC has agreed to pay the U.S. Securities and Exchange Commission $150,000 to settle insider-trading and fraud charges relating to a series of private investment in public equity (PIPE) transactions.

  • January 30, 2007

    France Drops Class Action Bill

    The French National Assembly will not debate a controversial proposal to introduce class action litigation in the country, after lawmakers removed the legislation from the Assembly’s schedule.

  • January 31, 2007

    Chipmaker Takes Charge For Backdating

    More than six months after the U.S. Securities and Exchange Commission launched an investigation into its stock options granting practices, KLA-Tencor Corp. restated its financial reports and said that its past practices violated its own policies.

  • January 29, 2007

    SEC Uncovers Breaches In Fund Lending Practices

    The Securities and Exchange Commission has sent deficiency letters to at least a handful of mutual funds over their securities-lending practices.

  • January 29, 2007

    Bankers Seek Dismissal In Enron-Related Fraud

    Attorneys for the so-called NatWest three have asked the court to dismiss the charges against the former bankers, saying that the indictment is flawed because the grand jury relied on the honest-services provision.