Financial services firm Bear Stearns is facing its first legal claim relating to the recent high-profile implosion of two of the company's hedge funds that took risky bets in the subprime mortgage market.
At least seven class action lawsuits alleging violations of federal securities laws have been filed against American Home Mortgage Investment Corp., which could face bankruptcy after failing to pay out hundreds of millions of dollars in loans this week.
Toronto-based holding company Hollinger Inc. filed for bankruptcy Wednesday just after Sun-Times Media Group Inc., its most valuable asset, settled a spate of shareholder securities suits in the wake of Conrad Black's conviction.
Pillsbury Winthrop Shaw Pittman LLP can boast of another high-profile partner in its corporate investigations and white collar defense group after hiring former Assistant U.S. Attorney Daniel Margolis.
Sun-Times Media Group Inc., formerly Hollinger International Inc., will pay $30 million to put to rest the deluge of securities class actions filed in the wake of the scandals surrounding ex-CEO Conrad Black, the company said Tuesday.
Seeking to combat the image of laxness currently associated with hedge fund regulation, the U.S. Securities & Exchange Commission has decided to establish a special unit within its enforcement division to crack down on the growing problem of insider trading in the hedge fund industry.
A Marathon Oil Corp. subsidiary on Wednesday agreed to pay $1 million to settle charges by the U.S. Commodity Futures Trading Commission that the company manipulated the price of crude oil in 2003.
The battle over the proper jurisdiction for IDT Corp.'s fraud case, which stems from its purchase of bankrupt Winstar Inc., continued Tuesday with the financial-company defendants arguing against the plaintiffs' attempt to remand the case from federal district court to New York state court.
Shareholders have reached a $10 million settlement with videogame developer Gravity Co. Ltd., putting to rest a securities fraud class action over the Korean company's 2005 initial public offering.
The International Monetary Fund has urged European Union member states to hasten their implementation of EU share trading rules, claiming that once the policy is in place, it will foster competition and economic growth.
A judge has dismissed some of the claims in a lawsuit accusing Fannie Mae of engineering “a scandal of tremendous proportions” in which investors collectively lost $48 million as a result of the company’s alleged fraudulent financial disclosures.
Two Merrill Lynch & Co. subsidiaries have agreed to pay $500,000 to put to rest allegations that they violated U.S. Commodities Futures Trading Commission rules by failing to file annual reports on time, the Commission said Tuesday.
A former broker at Merrill Lynch & Co. was sentenced to a year and a day in prison on Tuesday for allegedly sharing inside information with day-traders through broadcast devices known as “squawk boxes.”
Former Enron Corp. shareholders asked the White House on Tuesday not to hinder their efforts to sue banks that allegedly underwrote the fraudulent activities of the now-defunct energy company.
Mercury Interactive Corp. has won a motion to dismiss a purported securities class action brought by shareholders accusing the software provider and its officers of taking part in an options backdating scheme.
A former executive at Prudential Securities Inc. has agreed to pay $100,000 to settle federal securities claims that he failed to supervise advisors who allegedly defrauded mutual funds and their shareholders through market timing trades.
On Friday, Baxter International Inc. once again fended off a putative securities class action related to the healthcare giant's revisions of its earnings statements in 2004.
A federal judge in New Jersey has agreed to consolidate 14 purported class action cases that accuse Vonage Holdings Corp. of making false statements with the U.S. Securities and Exchange Commission prior to its initial public offering.
The U.S. Securities and Exchange Commission on Tuesday charged software company Aspen Technology with inflating its revenues, and accused the company's former top officials with orchestrating the plot over a three-year period.
Patterson Belknap Webb & Tyler LLP has launched an interdisciplinary subprime mortgage group in its New York office spanning members of the firm's litigation, corporate financial, real estate, bankruptcy, securities and white collar crime practices.