Securities

  • February 15, 2008

    U.S. Private Equity Firms Hit With Bid-Rigging Suit

    A group of the largest private equity firms in the U.S. is facing a purported class action by shareholders who claim the companies conspired to rig bids and divvy up the market for private equity services for leveraged buyouts.

  • February 15, 2008

    SEC Settles Late Trading Case With Ex-Trautman CFO

    A former top executive of brokerage Trautman Wasserman & Co. has agreed to pay $60,000 to settle allegations that he participated in a scheme to defraud mutual funds through late trading.

  • February 15, 2008

    $60M Barclays Fraud Case Moves To Federal Court

    A battle between a major private equity fund and one of the world's largest investment banks over an alleged $60 million fraud will be decided by a federal court, now that the bank has successfully petitioned for transfer from a Texas state court.

  • February 15, 2008

    Focus Turns To Phone Call In Bear Stearns Probe

    A federal investigation into the collapse of two Bear Stearns Cos. hedge funds last summer appears to be increasingly focused on a conference call that took place last April, with those probing the matter reportedly trying to determine whether investors were misled during that conversation.

  • February 15, 2008

    CB&I Settles Securities Class Action For $10M

    Engineering and construction services provider Chicago Bridge & Iron Co. NV has agreed to pay $10.5 million to settle a lawsuit that accused it of misleading investors about its true financial status.

  • February 15, 2008

    Facing March Trial, Ex-Refco CEO Pleads Guilty

    Former Refco Inc. chief executive Phillip R. Bennett walked out of federal court in Manhattan Friday evening facing the possible equivalent of a life sentence, after pleading guilty to all 20 counts leveled against him by federal prosecutors in a January 2007 indictment.

  • February 15, 2008

    American Funds Settles "Shelf Space" Suit: Report

    Mutual fund group American Funds has reportedly settled a long-running lawsuit with the California attorney general alleging it defrauded customers by not disclosing that some funds it recommended had paid for the praise.

  • February 15, 2008

    LLC Members Can Bring Derivative Suits: N.Y. Court

    New York's highest court ruled on Thursday that members of limited liability corporations can bring derivative shareholder suits on the corporation's behalf, even though New York law does not explicitly provide for such suits.

  • February 14, 2008

    New Disclosure Rules Proposed For Foreign Cos.

    The U.S. Securities and Exchange Commission proposed a rule change Wednesday that would accelerate the annual reporting deadline for foreign private issuers that are publicly listed in the United States.

  • February 14, 2008

    Japan’s Antitrust Revisions To Clarify Stock-Buy Rules

    Japan is set to usher in even more changes to its anti-monopoly laws, after the country’s ruling party approved amendments that would clarify the stock acquisition process.

  • February 14, 2008

    Wells Notice Sent To UBS Over Muni Bonds

    The U.S. Securities and Exchange Commission has expanded its investigation of the municipal bond market to include UBS AG, which disclosed that the agency is pondering an enforcement action against it.

  • February 14, 2008

    Goldman Sachs, UC Strike $11M Deal In Enron Suit

    The University of California has reached an $11.5 million settlement with Goldman Sachs over investment losses related to the collapse of Enron Corp.

  • February 14, 2008

    Openwave Backdating Claims Fall Short, Again

    A federal judge has granted a motion by executives of Openwave Systems Inc. to dismiss an amended derivative suit over questionable stock options grants but has given shareholders another chance to plug holes in their case.

  • February 14, 2008

    SEC Pushes For Plainer Disclosure Talk

    Continuing its push for greater transparency in investment writing, the U.S. Securities and Exchange Commission has voted unanimously to propose amended rules that would force investment advisers to write a narrative brochure in plain English for current clients and potential investors.

  • February 14, 2008

    PwC Settles SmarTalk Case For $30.5M

    PricewaterhouseCoopers has agreed to pay $30.5 million to settle claims that it contributed to SmarTalk Teleservices’ stock plunge, which led to the calling card company’s bankruptcy.

  • February 14, 2008

    Intel Shareholders Blame Execs For Antitrust Woes

    Shareholders of Intel Corp. are suing top executives of the microprocessor giant for allegedly engaging in monopolistic behavior that put the company in the crosshairs of angry consumers and competition watchdogs across the globe.

  • February 15, 2008

    Man, Not Fund, Becomes Lead BigBand Plaintiff

    A federal judge has selected a British citizen who lives in Cyprus to serve as the lead plaintiff in a proposed class action securities lawsuit against cable equipment provider BigBand Networks Inc.

  • February 14, 2008

    Only Shareholders Can File Derivative Suits: Court

    Directors of a Delaware company looking to file derivative suits against their fellow board members are out of luck if they don't hold company stock. The Delaware Supreme Court, upholding an earlier decision by the Delaware Court of Chancery, has ruled that directors must also be shareholders of the company in order to initiate derivative litigation.

  • February 13, 2008

    SEC Strikes Deal With R&G Financial: Report

    The U.S. Securities and Exchange Commission has reportedly reached a deal with R&G Financial Corp. after accusing the company of artificially pumping up its net income by an estimated $180 million over a three-year period.

  • February 13, 2008

    Securities Arbitration Perceived As Unfair: Study

    A new study lends empirical backing to some criticisms of the securities arbitration system, showing that customers perceive the system as biased and unfair.