Securities

  • August 10, 2007

    $6.3M Final Nail In Coffin Of SEC's Wood River Suits

    Defunct hedge fund Wood River Capital Management LLC and its former head John Whittier have been ordered by a district court to shell out $6.3 million to lay to rest the civil half of the Securities and Exchange Commission's two-pronged litigation over the fund's alleged fraud.

  • August 10, 2007

    Court Upholds $10M Award Against Lehman

    Investment bank Lehman Brothers Inc. must fork over more than $10 million to five investors after losing its appeal against an arbitration ruling in a case stemming from a massive fraud masterminded by a stockbroker.

  • August 10, 2007

    Commissioner Campos To Leave SEC

    The U.S. Securities and Exchange Commission announced late on Wednesday that Democratic Commissioner Roel C. Campos would be leaving the agency in a month's time to return to the private sector.

  • August 10, 2007

    CFTC Wins $15M Judgment Over Phony Exchanges

    A New York federal court has ordered nine companies accused of scamming investors into trading commodity futures on their purported exchanges to pay $15.5 million in restitution and civil penalties.

  • August 13, 2007

    Akin Gump Snags Ex-Assistant U.S. Attorney

    Akin, Gump, Strauss, Hauer & Feld LLP has snagged a former assistant United States Attorney known for prosecuting the first "squawk box" case, adding to the firm's team of former federal prosecutors.

  • August 9, 2007

    MetLife Unit Settles Late Trading Charges With SEC

    MetLife Inc. subsidiary General American Life Insurance Co., agreed on Thursday to hand over $3.3 million to the U.S. Securities and Exchange Commission to settle charges related to late trading of mutual funds.

  • August 9, 2007

    CVS Caremark Backs Down From Options Fight

    Rather than continuing to slug it out in court, CVS Caremark Corp. has decided to settle a derivative shareholder lawsuit prompted by allegations that Caremark executives illegally backdated stock options prior to the company's March merger with CVS.

  • August 9, 2007

    Feds Expand Probe Into BP Commodity Trading

    Federal regulators have expanded an investigation into BP Products North America Inc.'s commodity trading activities in the U.S., including crude oil trading and storage activities, according to a BP filing with the U.S. Securities and Exchange Commission on Thursday.

  • August 9, 2007

    With All Parties On Board, Qwest Wants Stay Lifted

    After two defendants dropped their opposition, Qwest Communications International Inc. has asked a federal court to follow a magistrate judge's recommendation to lift a discovery stay in the multidistrict securities litigation brought by a group of pension funds in the wake of the $3 billion accounting scandal at the company.

  • August 9, 2007

    Prosecutors Target Broadcom CEO's Former Lawyer

    Federal prosecutors have reportedly filed criminal charges against a lawyer who advised Henry T. Nicholas III, the co-founder and former chief executive of Broadcom Corp. who is under investigation in connection with an alleged scheme to backdate stock options at the computer chip company.

  • August 9, 2007

    T.H. Lee Hit With Fraud Suit From Refco Trustee

    In the aftermath of Refco Inc.'s implosion, the company's trustee has sued private equity firm Thomas H. Lee Partners LP for over $275 million for its alleged role in the rampant fraud that knocked Refco into bankruptcy.

  • August 9, 2007

    Ex-Refco CEO, Others Dodge Court For Now

    After years of waiting for their day in court, Refco's former chief executive Phillip Bennett and two others will have to cool their heels for a little while longer now that the group's securities fraud trial has been postponed until early next year.

  • August 9, 2007

    Take-Two Exec Sentenced In Backdating Scheme

    A former general counsel for Take-Two Interactive Software was sentenced to three years of probation on Wednesday for submitting false information to securities regulators. As part of his plea agreement, Kenneth Selterman will also pay a $50,000 fine and complete 200 hours of community service.

  • August 9, 2007

    Former Nicor Officials Face SEC Fraud Charges

    The U.S. Securities and Exchange Commission filed civil fraud charges in federal court on Thursday against three former top officials of the natural gas distributor Nicor, Inc, alleging that the executives were involved in a variety of plots to pump up earnings.

  • August 8, 2007

    Corn Products Settles Shareholder Suit For $6.6M

    Starch and sweetener supplier Corn Products International Inc. said Wednesday it has agreed to pay $6.6 million to settle claims that it made false statements regarding its 2005 financial forecast.

  • August 8, 2007

    Magistrate Urges Court To Lift Stay In Qwest MDL

    A magistrate judge has recommended that a federal court lift a discovery stay in the multidistrict securities litigation brought by a group of pension funds in the wake of the $3 billion accounting scandal at Qwest Communications International Inc.

  • August 8, 2007

    Franklin Asks For Time To Reply To Class Action

    Mutual fund firm Franklin Resources Inc. on Friday asked the court to extend the deadline for responding to a class action complaint which accuses the company of offering kickbacks to brokers and dealers for pushing its funds onto unwitting investors.

  • August 8, 2007

    First BanCorp Settles Fraud Suit For $8.5M

    First BanCorp settled with the U.S. Securities and Exchange Commission on Tuesday over fraud charges related to mortgage transactions. As part of the settlement, the Puerto Rico-based financial services firm agreed to pay a $8.5 million civil penalty

  • August 8, 2007

    9/11 Victim's Estate Asks For Day In Court With Refco

    The estate of a trader who died in the Sept. 11, 2001 attacks on Tuesday urged a district court judge to grant its appeal against Refco Group LLC and give them their day in court with the bankrupt energy group to reclaim almost $1.5 million in trading profits.

  • August 8, 2007

    Banks Claim Immunity From Short Sale Class Action

    The brokerage arms of 11 of the United States' largest investment banks have fought back against a class action lawsuit alleging they colluded to collect fees from naked short selling, asserting that a recent U.S. Supreme Court decision exempts their actions from antitrust laws.