Charles Schwab & Co. Inc. failed to prevent investment advisors from forging checks and letters of authorization to move its customers’ assets, according to a New York Stock Exchange panel, which slapped the broker-dealer with a $1 million fine Tuesday as part of a settlement.
Yesterday's lawsuit against Refco's former excecutives by the commodities and foreign exchange broker's largest shareholder has law firms, banks, underwriters and accountants nervously wondering who's next.
The country’s fourth largest coal company and its insurer have settled a shareholder lawsuit, agreeing to change several company governance rules and pay a $2.5 million settlement to cover plaintiffs’ legal fees.
Unnamed employees at insurance giant American International Group Inc. (AIG) have received notices of an impending investigation from the Securities and Exchange Commission, according to the company’s chief executive officer Martin Sullivan.
In an unusual move, a U.S. Attorneys’ Office beat the Securities and Exchange Commission to an investigation of Spectrum Brands Inc., the consumer products maker that manufactures Rayovac brand batteries.
Refco’s largest shareholder has filed a lawsuit against three former executives at the commodities and foreign exchange broker, seeking to recover $245 million that the firm claims vanished in a plot to hide losses.
Two lawsuits brought against Bank of America by the chief executive and shareholders of Italy’s Parmalat should be dismissed, a lawyer for the bank argued Monday at a hearing before a judge with the U.S. District Court for the Southern District of New York.
A survey by Securities Law Bulletin shows plaintiffs firms are now targeting underwriters and advisors more aggressively than ever before, with nearly half of all reported securities fraud settlement dollars in 2005 squeezed from so-called third party defendants - primarily investment banks.
An investigation by the Securities and Exchange Commission has uncovered a scheme to help day traders eavesdrop on “squawk box” conversations at Citigroup, Merrill Lynch and Lehman Brothers to profit from insider information about large institutional transactions.
TV Guide parent company Gemstar is scoffing at the sentence of former CEO Henry C. Yuen, who pled guilty to orchestrating a multimillion dollar accounting fraud scheme, calling it “a slap on the wrist.”
Combining authorities charged with regulating the securities industry may be beneficial in some cases, Securities and Exchange Commission Chairman Christopher Cox said at the Securities Industry Association’s annual meeting. But he stopped short of completely endorsing the idea.
Movie retailer Blockbuster’s attempt to expand its in-store and internet business has shareholders fuming, prompting a class action suit that alleges the company was not sufficiently prepared to take on as many new initiatives as it did.
Is the sharp rise in SEC actions a sign that Sarbanes-Oxley is empowering the agency - or does it merely show that fraud is just as rampant as it was before the Enron and Worldcom scandals? Experts disagree.
The battle between Sovereign Bancorp and some of its largest shareholders over two acquisition deals is turning nastier by the day.
Federal regulators have quietly launched a far-flung investigation into the widespread practice of backdating stock-option grants to boost profits for corporate insiders, a practice that led to the resignation last week of top executives at the software company Mercury Interactive.
Five former Enron Inc. executives who were acquitted after a mistrial in July have been indicted once again by a federal judge, this time on narrower charges stemming from the company’s 2001 securities fraud scandal.
Bank of America and several other major banks that underwrote Refco’s initial public offering have been subpoenaed in connection with the investigation into the futures broker’s collapse.
Former executives of embattled hospital chain HCA Inc. are now not only the subject of a Securities and Exchange Commission investigation, but also of a class action lawsuit alleging they made false statements to inflate the company's stock price.
Mired in an $11 billion accounting scandal, mortgage-buying giant Fannie Mae has released an updated laundry list of irregularities uncovered while researching its own books.
A federal court has dismissed some of the claims in the class action suit against several major mutual funds, in a move that many believe may hasten the settlement of the case.