Securities

  • November 29, 2005

    Lord Black Builds Star Defense Team

    The arraignment of former publishing magnate Conrad Black was once again postponed Tuesday when a federal judge gave the former chief executive officer of Hollinger International Inc. another day to prepare for court with his new defense attorneys.

  • November 29, 2005

    Manager Of Minority Fund Absconds With $400,000

    An investment fund manager who allegedly stole $400,000 million from a fund set up to benefit minority owned businesses has been sued by federal prosecutors, four years after the fund collapsed.

  • November 29, 2005

    Capital Powerhouse Takes On High-Profile Cases

    Despite the recent $400 million payout by Qwest Communications International Inc. to settle a host of class action securities fraud lawsuits, it’s easy for defense firm Hogan & Hartson LLC to find a bright silver lining in its involvement in the case.

  • November 29, 2005

    Kmart Agrees to $11.75M Class Action Settlement

    Former employees of Kmart Corporation have won an $11.75 million settlement in their class action suit, which alleges Kmart executives kept the company’s worsening financial condition from them and urged them to continue investing in the company’s stock.

  • November 28, 2005

    Prosecutors Win Guilty Plea In Ahold-Related Case

    On the same day as Dutch retailer Royal Ahold NV settled a shareholder class-action suit for $1.1 billion, a sales manager at a Pennsylvania supermarket vendor pled guilty in Manhattan federal court to a conspiracy charge in connection with Ahold’s alleged multimillion-dollar accounting fraud.

  • November 28, 2005

    U.S. Regulators, Millennium Partners Near Deal: Report

    Government regulators and Millennium Partners LLP are in advanced stages of negotiations to settle charges the renowned $5 billion hedge-fund firm run by Israel Englander was involved in "late trading" of mutual-fund shares, according to a published report.

  • November 28, 2005

    Federated Investors Settle Market Timing Case For $72M

    Three Federated Investors affiliates have agreed to pay $72 million to settle allegations by the U.S. Securities and Exchange Commission and New York Attorney General Elliot Spitzer that they broke federal securities laws with undisclosed market timing arrangements and late trading.

  • November 28, 2005

    Ahold Settles For $1B; Deloitte Still Facing $2B+ Claims

    Dutch food retailer Ahold NV said Monday it agreed to pay $1.1 billion to settle a class-action lawsuit brought by shareholders in the U.S. in the wake of an accounting scandal that rocked markets on both sides of the Atlantic. But Ahold’s accountant, Deloitte & Touche, isn’t out of the woods yet, facing claims of more than $2 billion from Ahold shareholders.

  • November 25, 2005

    Credit Lyonnais Scandal Helped White & Case Hone Skills

    White & Case was prepared for the multi-faceted nature of modern securities litigation by its involvement in one of the most complex securities cases in recent memory, the Credit Lyonnais scandal.

  • November 25, 2005

    In Blow To Shareholders, NYSE OKs Sovereign Deal

    In a significant setback for the largest shareholders of Sovereign Bancorp, the New York Stock Exchange has declined to compel a vote by investors before the bank can sell off a portion of its assets to fund a major acquisition.

  • November 25, 2005

    AIG's Greenberg To Avoid Criminal Charges

    New York state Attorney General Eliot L. Spitzer will not seek criminal charges against Maurice R. "Hank" Greenberg, the former head of insurance giant American International Group Inc., his office has confirmed.

  • November 23, 2005

    Prosecutors Abandon Andersen Retrial

    Three years after Arthur Andersen LLP’s conviction for its role in the Enron Inc. accounting scandal, the Justice Department has decided to abandon its prosecution of the now near-defunct accounting firm.

  • November 23, 2005

    Adelphia's Ex-COO Pleads Guilty, Faces 3 Years In Jail

    The former chief operating officer of bankrupt and scandal plagued Adelphia Communications Co. has pled guilty in federal court to signing a false statement, a charge that carries a maximum penalty of three years in jail.

  • November 23, 2005

    State Street Hit With NASD Fine Over $5B Reporting Error

    State Street Global Markets LLC has reached a settlement over charges it failed to properly report more than $5 billion in corporate and municipal bond trades to the National Association of Securities Dealers.

  • November 23, 2005

    Insurer Settles Suit Over $1.6B Claim Reserve Increase

    Insurance company St. Paul Travelers Cos. has settled the numerous shareholder suits filed against the company over a drop in stock price caused by a $1.6 billion increase in claim reserves following the company’s merger last year.

  • November 22, 2005

    Troubled GM Faces Class Action As Layoffs Loom

    General Motors Corp. has inflated its annual revenue by as much as $400 million since 2001, according to a new securities fraud class action lawsuit filed Monday, the same day the automaker announced 30,000 layoffs in its U.S. plants.

  • November 22, 2005

    Gemstar Requests Second Probe Into $248M Fraud

    Dissatisfied with a sentence imposed by a California court on former CEO Henry Yuen, Gemstar TV-Guide has asked Florida prosecutors to investigate the $248 million accounting fraud allegedly orchestrated by Yuen during his tenure with the company.

  • November 22, 2005

    Weil Guides Clients Through Regulatory Thicket

    In an era of hyper-vigilance, Weil, Gotshal & Manges LLP is relying on proactive counseling to help clients navigate the new corporate-governance landscape.

  • November 22, 2005

    Oracle's Ellison In New Settlement Over Attorney Fees

    Embattled Oracle Corp. chief executive officer Larry Ellison has reached a final settlement over accusations of insider trading, agreeing to donate $100 million to charity and paying $22 million to attorneys who sued him.

  • November 21, 2005

    GSB Financial CEO Indicted For Securities Fraud

    Manhattan prosecutors have charged the chief executive of Canada's GSB Financial Services Inc. with conspiracy to commit securities fraud and commercial bribery, claiming the CEO and a principal tried to manipulate stock prices by bribing brokers.