Regulators have filed additional allegations against hedge fund Lake Shore Asset Management Ltd. in an amended complaint to a U.S. federal court, accusing the commodity pool operator of scamming hundreds of millions of dollars from investors and siphoning millions more in illegal fees and expenses.
Parmalat SpA has reached a deal with Italian bank Banca Monte dei Paschi di Siena to reimburse the dairy company €79.5 million for damages suffered from the company's collapse, the two companies announced Thursday.
Assistant U.S. Attorney Daniel Rubinstein has joined Greenberg Traurig's litigation and white collar criminal defense practices in Chicago after a decade of work in public prosecution, the firm announced Wednesday.
One of the lead prosecutors in the government's ongoing case against law firm Milberg Weiss has left the U.S. attorney's office to work in the white-collar crime and government investigations practice of Goodwin Procter LLP.
Individual traders and organizational members of the Chicago Board Options Exchange will face harsher penalties for minor rule violations, under a rule change approved last week by the U.S. Securities and Exchange Commission.
Just days after former Refco CEO Philip Bennett pled guilty to playing a role in the fraud that felled the once high-flying brokerage, another former executive has followed suit.
Expanding the web of a criminal case that has already ensnared four Ernst & Young employees, the U.S. attorney's office for the Southern District of New York issued a new indictment Tuesday, adding more defendants and more charges related to an alleged scheme to develop and market fraudulent tax shelters.
The U.S. Supreme Court has ruled that individual participants in 401(k) pension plans can sue for losses to their personal retirement savings in a decision some say could lead to a flood of suits under the Employee Retirement Income Security Act and discourage employers from sponsoring plans.
An arbitration panel has dismissed the wrongful termination case of a former GFI Securities Inc. general counsel who allegedly forged documents in order to increase his pay and authority with the firm.
The director of the now-defunct Lancer Group hedge funds and four other individuals have been indicted on charges of swindling investors out of more than $200 million.
Multibillion-dollar write-downs and the threat of a wave of subprime mortgage defaults have everyone's attention focused on Wall Street — and the U.S. Securities and Exchange Commission is no exception. The SEC's agenda for 2008 will be dominated by the subprime mortgage crisis, according to Chairman Christopher Cox.
Republican lawmakers reintroduced legislation last week aimed at reforming class action securities litigation last week, the same week star securities class action attorney William S. Lerach was sentenced to two years in federal prison.
Credit Suisse is continuing an internal review after discovering a series of pricing errors that contributed to $2.85 billion in new write-downs that have reportedly sliced $1 billion from the banking giant's profits.
Reed Smith LLP's California offices continue to grow by leaps and bounds. The firm's newest partner, Charles Pak, is the fifth the firm has added in the past two weeks.
The Securities and Exchange Commission filed further complaints Friday against three people convicted last summer in connection with Mutual Benefits Corp.'s alleged massive offering fraud that bilked investors worldwide of more than $1 billion.
Former Refco Inc. Chief Executive Phillip R. Bennett, who is already facing the possible equivalent of a life sentence after pleading guilty to 20 criminal counts on Friday, was sued by the U.S. Securities and Exchange Commission on Tuesday for concealing Refco's finances from investors.
In a victory for the plaintiffs in the mammoth initial public offering securities class action, Credit Suisse Securities LLC will be forced to turn over documents related to an internal investigation, despite the bank's argument that the papers are protected as attorney work product.
In a decision that could have a major impact on shareholder derivative suits, a California court has ruled that a plaintiff who loses shareholder standing at any point in the litigation also loses the right to bring a derivative action on behalf of a company.
A group of public pension funds has upped the stakes in its battle against Countrywide Financial Corp., lodging an amended complaint accusing the company of attempting to shield its officers and directors from liability by brokering a sweetheart deal with Bank of America, which plans to acquire the ailing home lender.
Auditing firm Ernst & Young LLP has settled a lawsuit brought by fraud-riddled travel and real estate giant Cendant Corp. for almost $300 million. The accounting firm allegedly failed to detect huge anomalies in company audits, according to a securities filing by a former Cendant subsidiary.