Securities

  • August 21, 2006

    Freddie Mac Settles ERISA Charges For $4.65M

    Government-sponsored mortgage lender Freddie Mac has agreed to pay $4.65 million to settle charges that the company failed to provide accurate information to officials in charge of its employee 401(k) plan.

  • August 21, 2006

    McAfee Subpoenaed Over Options Practices

    The latest in the ongoing probe into options backdating, antivirus software maker McAfee Inc. disclosed Friday that it has received a grand jury subpoena relating to its options-granting activities and the firing of its former counsel, Kent Roberts.

  • August 18, 2006

    Latham & Watkins Adds Ex-Fannie Mae VP To Ranks

    Latham & Watkins LLP has added former Fannie Mae senior vice president and chief compliance officer Donald Remy as a partner in the litigation department in the firm’s Washington, D.C. office.

  • August 18, 2006

    Hedge Fund Advisor Faces Mail, Wire Fraud Charges

    A Massachusetts hedge fund advisor is facing 13 counts of mail and wire fraud after prosecutors alleged he lied to investors about the fund’s investment strategy and then falsified documents to cover up his fabrications.

  • August 18, 2006

    SEC Probes Revenue Recognition At Dell

    Computer maker Dell Inc. has not had a good week. In addition to recalling 4.1 million laptop batteries, the company disclosed that the U.S. Securities and Exchange Commission is investigating its revenue-recording practices.

  • August 18, 2006

    U.S. Brings Fresh Charges Against Lord Black

    A grand jury has added new charges to the stack of allegations against embattled media mogul Conrad Black and three co-defendants, claiming their fraudulent scheme led Hollinger International Inc. to file inaccurate income tax returns.

  • August 18, 2006

    Cisco Settles Securities Fraud Class Action

    Cisco Systems Inc will shell out $91.75 million to settle a consolidated shareholder class action lawsuit that accused the company and some its directors and officers of securities fraud, the company said Friday.

  • August 17, 2006

    Omnicare Exec Charged With Medicaid Fraud

    In the wolverine state’s largest ever health care crime, the president of a subsidiary of Omnicare Inc. was charged Wednesday with 148 criminal counts of Medicaid fraud which allegedly cost the state of Michigan about $5 million.

  • August 17, 2006

    Boiler Room Scam Lands Broker In Jail

    The U.S. Securities and Exchange Commission announced Thursday that a Florida broker-dealer has been sentenced to 57 months in prison and ordered to pay $2.6 million in criminal restitution for his role in a “boiler room” operation.

  • August 17, 2006

    SEC Expands General Re Probe

    Regulators are taking a closer look at transactions between the reinsurance arm of Berkshire Hathaway Inc. and two other reinsurance providers, as part of an ongoing probe into allegations of improper reinsurance accounting.

  • August 17, 2006

    Par Pharmecuticals Stung By Another Suit

    Already facing a mountain of litigation, Par Pharmaceutical Companies Inc. has been hit with another class action lawsuit that accuses the pharmaceutical giant and its top executives of committing securities fraud.

  • August 17, 2006

    Options Backdating Scandal Comes To Cablevision

    Cablevision Systems Corp. is facing both federal investigations and at least one lawsuit related to stock options backdating, the company said Wednesday in a filing with the U.S. Securities and Exchange Commission.

  • August 17, 2006

    Lay’s Estate And DOJ Prepare For Battle

    The estate of Ken Lay asked a judge Wednesday to clear the late Enron founder’s name, but government prosecutors said they would not give up the fight for $43.5 million in allegedly ill-gotten gains.

  • August 17, 2006

    Ex-DHB Execs Hit With Criminal Charges

    Two former top executives at DHB Industries Inc.—a leading manufacturer of body armor for the U.S. military—have been arraigned on criminal charges, accused of inflating the company’s earnings and profits and reaping a total of $8 million dollars from insider-trading.

  • August 16, 2006

    Katten Muchin Rosenman Continues Expansion

    As part of its aggressive expansion in the world of commercial and securities litigation, Katten Muchin Rosenman LLP announced Tuesday it has poached three new attorneys from Patton Boggs LLP.

  • August 16, 2006

    SEC Names New Executive Director

    The U.S. Securities and Exchange Commission has appointed a veteran of Spanish-language media company Univision Communications Inc. to serve as the agency’s new executive director.

  • August 16, 2006

    Judge Allows Lay-Estate Swap

    Attorneys for Enron Corp. founder Ken Lay are one step closer to clearing his name, after a judge permitted the legal team to substitute Lay’s estate for the recently deceased CEO in ongoing criminal proceedings.

  • August 16, 2006

    Zale Corporation Hit With Class Action

    A class action suit levied at fine jewelry retailer Zale and some of its officers and directors on Tuesday claims that some of the company’s financial documents may not be as real as its diamonds.

  • August 16, 2006

    Daws Gets Lighter Sentence In Elgindy Case

    Hedge fund manager Jonathan Daws was given three years probation and a $50,000 fine on Wednesday for his role in a stock scheme to depress the price of penny stocks.

  • August 16, 2006

    Shareholders Add to British Petroleum’s Troubles

    British Petroleum PLC’s executives, already under state and federal investigation for their role in the Prudhoe Bay oil shutdown, are now being sued by the shareholders for mismanaging the company and causing it severe harm during the crisis.