Securities

  • May 31, 2007

    Judge Tosses Derivative Suit Against Mercury

    Mercury Interactive LLC's stock options backdating saga may finally be over. The software maker has reached a $28 million settlement with federal regulators, and a district court has dismissed a consolidated derivative suit against the company.

  • May 31, 2007

    Bondi Strikes Back At BofA's Bid For Info

    Wasting no time, attorneys for Parmalat SpA chief executive Enrico Bondi have filed an opposition to Bank of America Corp.'s bid to force Bondi to turn over documents containing information about his relationship with PricewaterhouseCoopers, Bondi's expert witness in the bank's $1 billion securities countersuit against the Italian dairy king.

  • May 31, 2007

    Ernst & Young Tries To Get Case Dismissed

    Plaintiffs in a lawsuit over the troubled merger of Time Warner and AOL are trying to block the last defendant in the case, Ernst & Young, from winning a case dismissal.

  • May 31, 2007

    CFTC Seeks Judgment In Phony Exchange Case

    The Commodities Futures Trading Commission has asked a district court to enter a default judgment against several companies and exchanges, arguing that the firms have failed to defend themselves against the CFTC's allegations that they intentionally misled and defrauded investors.

  • June 1, 2007

    Quinn Emanuel Reels In Hedge Fund Specialist

    Expanding its securities practice and hedge fund expertise, Quinn Emanuel Urquhart Oliver & Hedges LLP on Tuesday pulled complex commercial litigation lawyer Robert S. Loigman from Friedman Kaplan Seiler & Adelman LLP.

  • May 30, 2007

    Judge OKs Doc Request In New Century Case

    A judge has signed off on a request from the official committee of unsecured creditors of New Century TS Holdings Inc. to access documents related to the company's spiral into Chapter 11 protection.

  • May 30, 2007

    FERC, Snohomish Win Right To Appeal Enron Order

    A Washington utility company has won the right to appeal a decision that gave a bankruptcy court, rather than the Federal Energy Regulatory Commission, the authority to rule on whether now-defunct energy company Enron Power Manipulation should receive a $120 million termination payment.

  • May 30, 2007

    BofA Seeks Info From Parmalat's Bondi Over Witness

    Bank of America Corp. has asked a federal judge to force Enrico Bondi, the chief executive of Parmalat SpA, to turn over documents containing information about his relationship with PricewaterhouseCoopers, Bondi's expert witness in the bank's $1 billion securities countersuit against the Italian dairy king.

  • May 30, 2007

    BP Calls For High Pleading Standard

    BP plc on Tuesday reaffirmed a motion it filed in February to dismiss a securities class action that alleges the global energy company willfully manipulated crude oil markets, saying the plaintiffs have not provided enough evidence for the case to move forward.

  • May 30, 2007

    National Century Ruling Stalls Discovery

    The federal judge overseeing multidistrict litigation related to the collapse of National Century Financial Enterprises Inc. has rejected a motion to lift a discovery stay in place because of motions to dismiss that have been pending since 2004, according to an attorney for the moving parties.

  • May 30, 2007

    Nacchio Bids To Toss Hedge Funds' Claims

    Joseph Nacchio, the former head of Qwest Communications International Inc., has asked a federal district court to dismiss a group of hedge funds' complaint over his alleged role in a massive accounting fraud at the phone service provider.

  • May 30, 2007

    Brocade Drops Wilson Sonsini Over Conflict Concerns

    Technology company Brocade Communications Systems Inc. has dropped Wilson Sonsini Goodrich & Rosati as its defense counsel in a derivative lawsuit over options backdating, following the advice of a judge who raised concerns the firm was tainted by a conflict of interest.

  • May 30, 2007

    Spitzer's Panel To Keep Big Money In The Big Apple

    Heading off any threat from London to steal New York's title as the world's financial capital, Governor Eliot Spitzer has set up a task force of experts to revamp a fragmented regulatory framework governing the industry.

  • May 30, 2007

    Final Approval Sought For $100M AmEx Settlement

    Attorneys for the plaintiffs in a putative securities class action against American Express Co. have asked a judge to give final approval to a hard-fought settlement deal worth more than $100 million.

  • May 30, 2007

    Parmalat Judge Reinstates Counterclaim

    Admitting a court error, a federal judge has reversed an earlier decision to toss out Grant Thornton's spoilation counterclaim in the Parmalat securities litigation, keeping the accounting firm's hopes of pursuing its document destruction case against the Italian dairy giant alive.

  • May 30, 2007

    Tyco ERISA Plaintiffs Want Cravath To Stay In Suit

    The plaintiffs in an ERISA suit filed against Tyco International have taken issue with a motion by Tyco law firm Cravath Swain & Moore LLP to withdraw from the suit, claiming that the firm's withdrawal would have an adverse effect.

  • May 30, 2007

    Barclays Pays $10.9M To Settle Insider Trading Claims

    Barclays Bank PLC will pay over $10.9 million to settle charges it made insider trades using nonpublic information it received while serving on creditor committees of bankrupt companies, the U.S. Securities and Exchange Commission said Wednesday.

  • May 31, 2007

    Court Refuses To Increase Award In ING Case

    A former ING Funds Distributor LLC mutual fund salesman who asked a district court to increase the damages awarded to him in a National Association of Securities Dealers arbitration has been denied.

  • May 29, 2007

    Trustee, New Century Clash Over Examiner's Role

    Subprime lender New Century Financial Corp. has contested a request by the U.S. Trustee Office to expand the scope of an examination of its bankruptcy case in light of a company disclosure last week regarding its 2006 financial statements.

  • May 29, 2007

    Reinsurance Suit Ends In Victory For SEC

    The first lawsuit over finite reinsurance fraud to go to trial has ended in a victory for the U.S. Securities and Exchange Commission.