Securities

  • November 29, 2006

    FMF’s Shareholders Garner $28M CAN Settlement

    In one of the largest securities class action settlements in Canadian history, FMF Capital Group Ltd. said Tuesday that it will pay $28 million CAN to resolve the lawsuits brought against it in Michigan, Ontario and Quebec courts.

  • November 29, 2006

    UnitedHealth Shareholders: Freeze McGuire Assets

    Shareholders of health care provider UnitedHealth Group Inc. have asked a judge to freeze the assets of former CEO William McGuire until the conclusion of the options backdating scandal that has engulfed the company.

  • November 28, 2006

    Korean Court Mulls Arrest Of Ex-Official

    Korean prosecutors tried for the second time Monday to get a warrant to arrest a former finance ministry official they allege conspired to lower Korea Exchange Bank’s value before Lone Star Funds purchased it for $1.2 billion.

  • November 28, 2006

    Compensation Consultant Targeted In Backdating Suit

    In a new twist in the options backdating scandal that has swamped corporate executives in litigation, shareholders of Cablevision Systems Corp. have sued the company’s former compensation consultant for its role in setting up misdated stock options grants.

  • November 28, 2006

    World Health To Settle Class Action For $2.7M

    Shareholders of World Health Alternatives Inc. may receive a $2.7 million gift this holiday season if a judge approves the proposed settlement in the class action lawsuit against the bankrupt medical staffing firm.

  • November 28, 2006

    Court Bounces Judge Behind 6-Year Contempt Term

    A federal appeals court removed the judge overseeing the government’s civil cases against former Princeton Economics International Ltd. Chairman Martin Armstrong on Monday, and ordered a hearing on whether Armstrong actually has the almost $15 million in assets he is allegedly hoarding.

  • November 28, 2006

    2008 Date Set For Milberg Weiss Kickback Trial

    Renowned class action firm Milberg Weiss will find itself on the other side of the courtroom in January 2008 when the firm and two of its star prosecutors head to court to dispute allegations that they paid $11.3 million in kickbacks to plaintiffs in class action suits.

  • November 28, 2006

    NYSE, NASD Agree To Create Single Regulator

    The National Association of Securities Dealers and NYSE Group Inc. are one step closer to creating a single regulator to police U.S. markets after executives from both organizations signed a letter committing to consolidation.

  • November 28, 2006

    Ex-Shell Boss Asks Appeals Court To Subpoena SEC

    A three-judge panel decided on Monday to hear oral arguments from ex-Royal Dutch Shell PLC chairman Philip Watts and the Securities and Exchange Commission in a case that may have broad implications as to whether the SEC decision making process should be shielded from subpoenas.

  • November 28, 2006

    Judge: Hedge Fund Manager To Be Jailed For Contempt

    A former head portfolio manager of a failed Florida hedge fund firm has been ordered to jail until he repays some investor money or proves that despite his “good-faith efforts” he is unable to pay.

  • November 27, 2006

    More Execs Look For Work In Wake Of Options Scandal

    Two top executives of Affiliated Computer Services Inc. have resigned following an internal investigation into the backdating of stock options, the company announced Monday.

  • November 27, 2006

    Ex-Cendant Exec Faces Civil Suit, Prison Sentence

    Former Cendant Corp. Vice Chairman Kirk Shelton has been hit with a double dose of bad news. Not only has a New Jersey court refused to toss a guilty verdict in the criminal fraud case against him, federal prosecutors have hit him with a civil suit as well.

  • November 27, 2006

    Ackermann To Pay €3.2M To Settle Mannesmann Case

    Deutsche Bank AG CEO Josef Ackermann has reached a settlement in his ongoing criminal trial, agreeing to pay €3.2 million to settle charges that he illegally awarded bonuses to several executives of telecommunications company Mannesmann AG.

  • November 27, 2006

    SEC Questions Ford's Business In Iran, Sudan, Syria

    The U.S. Securities and Exchange Commission revealed in letters released Friday that it had asked Ford Motor Co. for information about its business connections in Syria and Sudan, countries which are currently under economic sanctions for allegedly supporting terrorists.

  • November 27, 2006

    Lone Star Gives Up On Bank Sale

    After litigation from Korean authorities delayed the deal numerous times, Texas-based Lone Star Funds has decided to terminate its $7.4 billion agreement to sell the Korea Exchange Bank to Kookmin Bank.

  • November 22, 2006

    FBR Squares Dispute With CompuDyne

    Investment bank Friedman, Billings, Ramsey Group Inc. has agreed to pay CompuDyne Corp. and William Blair Mezzanine Capital Fund II $4.5 million to settle insider-trading charges related to a 2001 private investment in public equity (PIPE) offering.

  • November 22, 2006

    Ruling Favors Scrushy In Probe Into Juror Behavior

    A federal judge has found “credible evidence” that members of the jury that convicted former Alabama Gov. Don Siegelman and former HealthSouth Corp. CEO Richard Scrushy of bribery and fraud were exposed to extraneous evidence.

  • November 22, 2006

    E.U. Probes Austrian Aid To BAWAG

    Confirming speculation that it would investigate the bailout of Austrian bank BAWAG PSK, the European Commission announced Wednesday that it has opened a formal probe into whether the Austrian bank violated European Union rules.

  • November 22, 2006

    AMEX, SEC Close To Settlement: Sources

    A U.S. Securities and Exchange Commission probe into options trading violations at the American Stock Exchange may soon come to an end, although for two AMEX executives, the legal battle may be just beginning.

  • November 22, 2006

    Appeals Court Upholds Most Of Decision In Fraud Case

    The U.S. Court of Appeals for the Second Circuit Tuesday affirmed all but two strands of the convictions of three former employees of Evergreen International Spot Trading Inc. in a $110 million investment scheme that came to light after Sept. 11.