Securities

  • May 30, 2007

    BofA Seeks Info From Parmalat's Bondi Over Witness

    Bank of America Corp. has asked a federal judge to force Enrico Bondi, the chief executive of Parmalat SpA, to turn over documents containing information about his relationship with PricewaterhouseCoopers, Bondi's expert witness in the bank's $1 billion securities countersuit against the Italian dairy king.

  • May 30, 2007

    BP Calls For High Pleading Standard

    BP plc on Tuesday reaffirmed a motion it filed in February to dismiss a securities class action that alleges the global energy company willfully manipulated crude oil markets, saying the plaintiffs have not provided enough evidence for the case to move forward.

  • May 30, 2007

    National Century Ruling Stalls Discovery

    The federal judge overseeing multidistrict litigation related to the collapse of National Century Financial Enterprises Inc. has rejected a motion to lift a discovery stay in place because of motions to dismiss that have been pending since 2004, according to an attorney for the moving parties.

  • May 30, 2007

    Nacchio Bids To Toss Hedge Funds' Claims

    Joseph Nacchio, the former head of Qwest Communications International Inc., has asked a federal district court to dismiss a group of hedge funds' complaint over his alleged role in a massive accounting fraud at the phone service provider.

  • May 30, 2007

    Tyco ERISA Plaintiffs Want Cravath To Stay In Suit

    The plaintiffs in an ERISA suit filed against Tyco International have taken issue with a motion by Tyco law firm Cravath Swain & Moore LLP to withdraw from the suit, claiming that the firm's withdrawal would have an adverse effect.

  • May 30, 2007

    Brocade Drops Wilson Sonsini Over Conflict Concerns

    Technology company Brocade Communications Systems Inc. has dropped Wilson Sonsini Goodrich & Rosati as its defense counsel in a derivative lawsuit over options backdating, following the advice of a judge who raised concerns the firm was tainted by a conflict of interest.

  • May 30, 2007

    Spitzer's Panel To Keep Big Money In The Big Apple

    Heading off any threat from London to steal New York's title as the world's financial capital, Governor Eliot Spitzer has set up a task force of experts to revamp a fragmented regulatory framework governing the industry.

  • May 30, 2007

    Final Approval Sought For $100M AmEx Settlement

    Attorneys for the plaintiffs in a putative securities class action against American Express Co. have asked a judge to give final approval to a hard-fought settlement deal worth more than $100 million.

  • May 30, 2007

    Parmalat Judge Reinstates Counterclaim

    Admitting a court error, a federal judge has reversed an earlier decision to toss out Grant Thornton's spoilation counterclaim in the Parmalat securities litigation, keeping the accounting firm's hopes of pursuing its document destruction case against the Italian dairy giant alive.

  • May 31, 2007

    Court Refuses To Increase Award In ING Case

    A former ING Funds Distributor LLC mutual fund salesman who asked a district court to increase the damages awarded to him in a National Association of Securities Dealers arbitration has been denied.

  • May 30, 2007

    Barclays Pays $10.9M To Settle Insider Trading Claims

    Barclays Bank PLC will pay over $10.9 million to settle charges it made insider trades using nonpublic information it received while serving on creditor committees of bankrupt companies, the U.S. Securities and Exchange Commission said Wednesday.

  • May 29, 2007

    Trustee, New Century Clash Over Examiner's Role

    Subprime lender New Century Financial Corp. has contested a request by the U.S. Trustee Office to expand the scope of an examination of its bankruptcy case in light of a company disclosure last week regarding its 2006 financial statements.

  • May 29, 2007

    Reinsurance Suit Ends In Victory For SEC

    The first lawsuit over finite reinsurance fraud to go to trial has ended in a victory for the U.S. Securities and Exchange Commission.

  • May 29, 2007

    SEC, Brocade Exec Clash Over Subpoenas

    The U.S. Securities and Exchange Commission has filed a motion opposing a former Brocade Communications Systems Inc. executive's attempt to quash the subpoenas of Merrill Lynch and Deutsche Bank in his case.

  • May 25, 2007

    Petrobras Finds No Proof Of Insider Trading

    Brazilian oil firm Petroleo Brasileiro SA may be in the clear over its acquisition of the country’s second largest fuel distributor, Grupo Ipiranga, after an internal commission didn’t find any proof of insider trading.

  • May 25, 2007

    Parmalat Judge Chucks Counterclaim

    A federal judge has dismissed Grant Thornton’s spoliation counterclaim, handing Parmalat Chief Executive Officer Enrico Bondi a victory in his long-standing campaign to hold the underwriters of the Italian dairy giant accountable for its collapse.

  • May 25, 2007

    Refco Plaintiffs Object To Defendants' Motion

    The lead plaintiffs in the securities class action filed against now-defunct futures brokerage Refco Inc. have formally objected to a motion filed by some of the defendants asking the court to reconsider the allegations against them.

  • May 25, 2007

    Judge Tosses Shareholder Suit Against AOL

    A federal judge on Wednesday threw out a shareholder's suit against America Online Inc. relating to its merger with Time Warner Inc., saying it exceeded the two-year statute of limitations.

  • May 25, 2007

    Allegheny Plaintiffs Ask For Settlement Approval

    Power company Allegheny Energy Inc. is just one step away from bringing an end to a long-running consolidated class action filed against the company over financial omissions and misstatements.

  • May 25, 2007

    Harsher Allegations In New Novellus Lawsuit

    A news release in early May touting Morrison & Foerster LLP’s victory in defending Novellus Systems Inc. from a stock options backdating lawsuit proved weeks too early after a modified complaint with harsher allegations reappeared on Thursday.