Securities

  • August 24, 2006

    Milberg Weiss Loses Veteran To Allen & Overy

    Veteran trial lawyer Patricia M. Hynes is the latest to leave embattled law firm Milberg Weiss Bershad & Schulman, departing to join the New York office of UK-based Allen & Overy as senior counsel.

  • August 24, 2006

    Aon In Talks To Relax Contingency Fee Limits

    Aon Corp. is in the middle of talks with New York Atty. Gen. Eliot Spitzer’s office, hoping to ease some restrictions on how Aon receives compensation.

  • August 24, 2006

    Attorneys, Auditors Likely Targets In Options Suits

    As the options backdating scandal continues to widen, regulators and shareholders may soon set their sights on a new target: the attorneys and auditors consulted in the development and execution of executive stock options plans.

  • August 25, 2006

    Chicago Board of Trade Sues Options Exchange

    The Chicago Board Options Exchange called off merger discussions with the Chicago Board of Trade, just a few hours before the CBOT lodged a lawsuit against the options exchange.

  • August 23, 2006

    Grassley Slams SEC For Slow Pequot Response

    The U.S. Securities and Exchange Commission did not respond quickly enough to concerns about its probe into hedge fund Pequot Capital Management expressed by the Senate Finance Committee, according to a letter sent to the SEC by committee Chairman Charles Grassley.

  • August 23, 2006

    Judge Allows Riverstone To Overhaul Shareholder Deal

    Nearly three months after Riverstone Networks Inc. asked for court approval to revamp an old shareholder lawsuit settlement, a federal judge has given the green light to the bid, enabling the bankrupt ethernet provider to recoup nearly $1 million in fees originally paid to shareholders’ lawyers.

  • August 23, 2006

    Flurry of Litigation Against IMAX Continues

    Already facing four shareholder lawsuits, IMAX Corp. has been hit by a fifth securities class action accusing the movie pioneer of issuing fraudulent financial statements.

  • August 23, 2006

    Adelphia Family Handed More Money For Legal Fees

    Two members of the founding family of Adelphia Communications Corp. have been granted $600,000 from a company insurance policy to pay mounting legal fees related to their civil fraud case, according to court filings.

  • August 23, 2006

    Estonian Trader Fined For Press Release Theft

    The U.S. Securities and Exchange Commission has nabbed one banker from a renegade Estonian financial services firm that allegedly stole press releases from more than 200 U.S. public companies and traded on the news before it reached the public.

  • August 23, 2006

    Class Action Against Star Gas Thrown Out

    A federal judge in Connecticut has thrown out a class action securities suit against Star Gas Partners L.P., granting three motions to dismiss and finding that the plaintiffs failed to adequately support claims that they were misled.

  • August 23, 2006

    Former Enron Prosecutor To Lead Qwest CEO Case

    One of four attorneys on the legal team prosecuting former Enron Corp. executives has been named lead prosecutor in the insider-trading case against Joseph Nacchio, the former chief executive officer of Qwest Communications International Inc.

  • August 22, 2006

    Securities Plaintiffs Object To Refco Bankruptcy Ruling

    A court order permitting bankrupt futures brokerage Refco Inc. to pay off $127.5 million in intercompany claims has raised the ire of the lead plaintiffs in a securities suit pending against the company.

  • August 22, 2006

    Now-Defunct Hedge Fund Rule Still Had Impact: Study

    An appeals court may have dashed the U.S. Security and Exchange Commission’s hedge fund rule, but the regulation still had an impact on the $1 trillion industry, according to a recent study.

  • August 22, 2006

    Mizuho Demands $350M For Massive Stock Trade Error

    In connection with a massive trading error last December at the Tokyo Stock Exchange, the Japanese firm Mizuho Securities has demanded $350 million in compensation, the head of the exchange said on Tuesday.

  • August 22, 2006

    Bradley Pharmaceutical Director Steps Down

    Looking to avoid the “cost and burden” of a shareholder lawsuit, the director of Bradley Pharmaceuticals Inc. gave up his post, but was subsequently re-elected to the board after another director resigned.

  • August 22, 2006

    Judge Tosses $150M Case Against French Reinsurer

    In a victory for SCOR SA in its ongoing legal feud with Highfields Capital Management, a federal judge has thrown out the Boston-based investment funds’ charges against the French reinsurance firm for lack of subject matter jurisdiction.

  • August 22, 2006

    Firm Merger Will Bolster Cooley’s Securities Practice

    In a move that will create a strong white-collar crime and securities practice and a New York presence for Cooley Godward LLP, the firm announced on Tuesday that it is merging with New York litigation firm Kronish Lieb Weiner & Hellman LLP.

  • August 22, 2006

    Charges Dropped As Quattrone Dodges Third Trial

    Former technology banking star Frank Quattrone proved himself bullet-proof on Tuesday when a U.S. federal court judge approved a settlement that would not only let him avoid a third trial on obstruction-of-justice charges, but also possibly usher him back into a career on Wall Street.

  • August 21, 2006

    Court Orders DaimlerChrysler To Repay Shareholders

    Rejecting an earlier court proposal has cost DaimlerChrysler AG millions more after a German court on Monday ordered the auto maker to shell out $295 million to former shareholders of Daimler-Benz AG to resolve a dispute stemming from DaimlerChrysler’s 1998 merger with U.S.-based Chrysler Corp.

  • August 21, 2006

    Ohio AG Adds Two More Giants To Fannie Mae Suit

    Goldman Sachs Group Inc. and KPMG LLP have been named as additional defendants in one of the securities-fraud lawsuits stemming from the massive accounting scandal at Fannie Mae.