Securities

  • August 28, 2007

    Commodity Pool Operator Settles For $14M

    Hedge fund Longboat Global Funds Management LLC and its owner on Monday were ordered to pay $14 million to settle allegations that the firm misrepresented the financial condition of and its personal interest in certain investments.

  • August 28, 2007

    Goldman Sachs Worker Admits Insider Trading

    A former Goldman Sachs Group associate has pled guilty to his role in a massive insider trading ring, admitting he traded on tips from a grand juror, two printing plant workers and a former financial analyst who leaked him details on big mergers, including drug giant Novartis AG's takeover of Eon Labs.

  • August 28, 2007

    SEC Settles Juniper Case, Sues Ex-General Counsel

    Federal regulators on Tuesday accused Lisa Berry of falling into a bad habit of backdating stock options grants as the former general counsel of KLA-Tencor Corp., and of carrying on this practice as the former general counsel of Juniper Networks Inc.

  • August 28, 2007

    Brocade Outside Directors Lose Bid To Toss Suit

    In a setback for lawyer Larry Sonsini and two other outside directors of Brocade Communications Systems Inc., a federal judge has refused to throw out a purported class action against them that alleges they knew or should have known about a scheme to backdate stock options at the company.

  • August 28, 2007

    Bayou Investor Appeals Suit Against Advisor

    In an appeal that could shape how the U.S. Supreme Court's landmark Tellabs decision is understood, a firm that had invested $1.5 million in collapsed hedge fund Bayou Group LLC asked a circuit court Friday to reinstate its securities claims against the firm that had advised it to invest in Bayou to begin with.

  • August 28, 2007

    Refco Trustee Takes Another Shot At Mayer Brown

    True to his word, the Refco Private Actions Trustee has fired off another suit against law firm Mayer Brown, Rowe & Maw LLP and others after accusing the brokerage's top advisers of helping former CEO Phillip Bennett and his cohorts carry out the alleged fraud that brought the company to its knees.

  • August 28, 2007

    AFL-CIO Asks Auditors To Prevent Options Backdating

    The AFL-CIO has asked the world's biggest accounting firms to step up their scrutiny of corporations to help prevent the future manipulation of stock option grants.

  • August 27, 2007

    With Judge On The Fence, Bear Gets 10 More Days

    The judge handling the U.S. bankruptcies of two Cayman Islands-based Bear Stearns & Co. Inc. hedge funds is keeping the funds' assets out of creditors' reach for another ten days that he plans to spend weighing whether to grant them chapter 15 protection.

  • August 27, 2007

    Symbol Execs Let Off The Hook In Fraud Case

    Two former Symbol Technologies Inc. executives have escaped retrial on securities fraud charges, after an appeals court ruled that a federal judge in New York had abused his discretion by declaring a mistrial.

  • August 27, 2007

    Judge Denies RBC's Motion To Dismiss Enron Suit

    A district court judge has thwarted the efforts of the Royal Bank of Canada to avoid charges stemming from the collapse of Enron Corp., refusing to grant the bank's motion to dismiss the consolidated class action filed by the energy company's shareholders.

  • August 27, 2007

    Judge Tosses Some Claims In Enron Litigation

    More than five years after scandal erupted at energy giant Enron Corp., the company's officers and shareholders are still trading motions in a Texas court. Though the accounting fraud has felled many former Enron executives, the company's outside directors recently scored a victory when a judge partially granted their motion to dismiss securities fraud claims filed against them.

  • August 27, 2007

    Rambus OKs Backdating Derivative Suit Against Exec

    The board of directors at Rambus Inc. has decided not to stand in the way of a derivative class action against a former executive at the company, but said it will drop claims against the remaining employees who were named as defendants.

  • August 27, 2007

    Zurich Agrees To $30M Deal In Converium IPO Suit

    Zurich Financial Services has agreed to a $30 million settlement pact in consolidated securities litigation brought on behalf of shareholders of former Zurich subsidiary Converium Holding AG against defendants including Zurich, Converium and some of Converium's officers and directors.

  • August 24, 2007

    Plaintiffs Ask Judge To Rethink Parmalat Ruling

    Two plaintiffs in the Parmalat SpA multidistrict securities litigation have asked the judge to rethink an order that dismissed their complaints against some of the fallen dairy company's biggest former financial partners, including Bank of America Corp. and Credit Suisse.

  • August 24, 2007

    E-Medsoft Defendants Want Discovery Stay Back

    Defendants with e-MedSoft.com, which allegedly entered into an alliance with National Century Financial Enterprises Inc. in furtherance of the defunct bank's securities fraud, asked a judge Thursday to reinstate a stay on discovery.

  • August 24, 2007

    Rigas Family Cries Foul Over Deloitte Trial Backdown

    The founders of bankrupt Adelphia Communications Corp. have slammed threats by accounting firm Deloitte & Touche to refile claims against the jailed executives at a later date, after it withdrew its case just weeks before the trial was set to start.

  • August 24, 2007

    Plaintiffs Move To Settle Repsol Securities Action

    A putative securities class action against Spanish energy giant Repsol YPF SA moved closer to resolution Thursday when the plaintiffs asked a judge to grant motions relating to a proposed $8 million settlement.

  • August 23, 2007

    Glowing Prospectus Earns Limelight Shareholder Suit

    Limelight Networks Inc. and the underwriters of its initial public offering, Morgan Stanley & Co. Inc. and Goldman Sachs & Co., have been hit with a putative class action that says they embellished the tech company's growth potential and misled investors in preparation for the much-touted offering.

  • August 23, 2007

    Judge Appoints Trustee In Sentinel Bankruptcy

    A federal judge on Thursday granted bankrupt money manager Sentinel Management Group Inc. its request to appoint a trustee to oversee the firm’s operations.

  • August 23, 2007

    Hedge Fund Managers Settle Late Trading Charges

    Two former hedge fund managers at Ilytat have agreed to pay a combined $275,000 to settle charges that they used clearing broker Bear Stearns Cos. Inc. to make mutual fund trades after the close of the market.