Securities

  • December 12, 2006

    Feds Eye Ex-Collins & Aikman CEO: Report

    The former chief executive of bankrupt auto parts maker Collins & Aikman is under investigation for suspected violations of federal securities laws, according to a published report.

  • December 11, 2006

    Fund Manager Tells SEC To Leave His IP Alone

    A hedge fund manager has challenged U.S. regulatory requirements, arguing his portfolio of investments is his intellectual property and therefore shouldn’t be disclosed to the U.S. Securities and Exchange Commission.

  • December 11, 2006

    SOX Modifications On The Horizon

    The U.S. Securities and Exchange Commission may finally heed the calls of small businesses, Wall Street firms and lawmakers and scale back some of the requirements of the Sarbanes-Oxley Act.

  • December 11, 2006

    Despite Lawsuit, NYBOT OKs $1.2B ICE Merger

    Undeterred by a lawsuit filed by traders, the New York Board of Trade on Monday approved a $1 billion merger with IntercontinentalExchange, an Atlanta-based energy futures exchange.

  • December 11, 2006

    Adelphia Investors Secure $455M Settlement

    Auditor Deloitte & Touche LLP and 39 banks have agreed to pay $455 million for their role in the collapse of bankrupt cable provider Adelphia Communications Corp.

  • December 11, 2006

    Plaintiff To Boot Vinson & Elkins From Enron Suit

    Houston law firm Vinson & Elkins LLP may dodge an Enron bullet. Plaintiffs firm Lerach Coughlin has filed a request in Texas district court for the firm to be released from litigation, despite what it calls “compelling” evidence indicating Vinson & Elkins was involved in the Enron fraud.

  • December 8, 2006

    Bill Seeks To Protect Attorney-Client Privilege

    Prosecutors should not be allowed to ask corporate counsel to violate attorney-client privilege in order to provide information about fraud, outgoing Senate Judiciary Committee Chairman Arlen Specter proposed in a bill Thursday.

  • December 8, 2006

    Milberg Weiss Name Partner Resigns Amid Probe

    Steven G. Schulman, a name-partner who was charged by federal prosecutors earlier this year, resigned Friday from embattled plaintiffs firm Milberg Weiss Bershad & Schulman LLP.

  • December 8, 2006

    Cigna Strikes Deal To End Class Action

    Cigna Corp. has agreed to shell out $93 million to settle a securities class action filed in Pennsylvania in 2002, accusing the insurers and its executives of lying to investors about its plan to overhaul its outdated computer systems.

  • December 8, 2006

    Italy’s High Court Backs Clawback Law

    Sticking to its original decision, Italy’s highest court has continued to uphold a controversial law that will enable Parmalat SpA to proceed with legal action against GE Capital Finance and UBS AG.

  • December 8, 2006

    Securities Fraud Suit Follows Pfizer's Drug Collapse

    A class action law firm has filed a securities fraud lawsuit against Pfizer Inc., just days after the drug giant scrapped its highly anticipated cholesterol drug torcetrapib, which took 15 years and $1 billion to develop.

  • December 7, 2006

    Home Depot Backdated Options For Over 20 Years

    Home improvement giant Home Depot said Wednesday that company officials backdated stock option grants for about 20 years, and that the practice cost it about $200 million in unrecorded expenses.

  • December 7, 2006

    Court Orders House Arrest For Ex-Cendant Exec

    A federal judge has put E. Kirk Shelton on a short leash while he appeals his numerous criminal fraud convictions, confining the former Cendant Corporation chief to his home until the appeals process plays out.

  • December 7, 2006

    Regulator To Hit Fannie Mae Execs With Lawsuit

    The legal woes of former Fannie Mae chief Franklin Raines are far from over. The Office of Federal Housing Enterprise Oversight has said that it plans to file a suit against Raines and other former executives of the mortgage giant within the next few weeks.

  • December 8, 2006

    Securities Plaintiffs Object To Refco Chapter 11 Plan

    The lead plaintiff in the class action securities lawsuit pending against bankrupt futures broker Refco Inc. has objected to the company’s reorganization plan, arguing that the plan gives preferential treatment to certain claimants.

  • December 11, 2006

    Greenberg Scores Seasoned Securities Lawyer

    After six years as a staff attorney for the U.S. Securities and Exchange Commission and more than 20 years in private practice, Daniel K. Donahue has decided to lend his regulatory expertise to Greenberg Traurig LLP, joining the firm as a shareholder.

  • December 7, 2006

    Gannett, Detroit Papers Fired Whistleblower: Suit

    A former employee of the newspaper partnership that controls two Detroit daily newspapers has filed a suit against the companies alleging that she was fired after she complained about improper inflation of circulation figures.

  • December 7, 2006

    Federal Reserve Scales Back Insider Lending Rules

    The U.S. Federal Reserve has decided to ease up on certain reporting requirements for banks that give loans to their own executive officers, directors or principal shareholders.

  • December 7, 2006

    HP Settles Civil Charges In Spying Scandal

    In an unusual deal that will finance a new law enforcement fund to fight violations of privacy and intellectual property rights, Hewlett-Packard has agreed to pay $14.5 million to settle civil charges filed by California’s attorney general over board-room spying.

  • December 7, 2006

    Lawyers Eye Broad Impact From IPO Case

    A U.S. appeals court’s decision this week to unbundle class actions in litigation against top investment banks could have consequences for wide swaths of the law, lawyers agree.