Securities

  • November 23, 2005

    State Street Hit With NASD Fine Over $5B Reporting Error

    State Street Global Markets LLC has reached a settlement over charges it failed to properly report more than $5 billion in corporate and municipal bond trades to the National Association of Securities Dealers.

  • November 23, 2005

    Insurer Settles Suit Over $1.6B Claim Reserve Increase

    Insurance company St. Paul Travelers Cos. has settled the numerous shareholder suits filed against the company over a drop in stock price caused by a $1.6 billion increase in claim reserves following the company’s merger last year.

  • November 22, 2005

    Troubled GM Faces Class Action As Layoffs Loom

    General Motors Corp. has inflated its annual revenue by as much as $400 million since 2001, according to a new securities fraud class action lawsuit filed Monday, the same day the automaker announced 30,000 layoffs in its U.S. plants.

  • November 22, 2005

    Gemstar Requests Second Probe Into $248M Fraud

    Dissatisfied with a sentence imposed by a California court on former CEO Henry Yuen, Gemstar TV-Guide has asked Florida prosecutors to investigate the $248 million accounting fraud allegedly orchestrated by Yuen during his tenure with the company.

  • November 22, 2005

    Weil Guides Clients Through Regulatory Thicket

    In an era of hyper-vigilance, Weil, Gotshal & Manges LLP is relying on proactive counseling to help clients navigate the new corporate-governance landscape.

  • November 22, 2005

    Oracle's Ellison In New Settlement Over Attorney Fees

    Embattled Oracle Corp. chief executive officer Larry Ellison has reached a final settlement over accusations of insider trading, agreeing to donate $100 million to charity and paying $22 million to attorneys who sued him.

  • November 21, 2005

    GSB Financial CEO Indicted For Securities Fraud

    Manhattan prosecutors have charged the chief executive of Canada's GSB Financial Services Inc. with conspiracy to commit securities fraud and commercial bribery, claiming the CEO and a principal tried to manipulate stock prices by bribing brokers.

  • November 21, 2005

    SEC Probes Research Tied To Naked Shorting: Report

    The Securities and Exchange Commission is investigating a financial research firm over allegations it conspired with a hedge fund to drive down the share prices of online retailer Overstock.com, according to a published report.

  • November 21, 2005

    Delphi's Chapter 11 Hinders Securities Fraud Suits

    Shareholders in securities class action lawsuits against bankrupt auto parts manufacturer Delphi Corp. are seeking an exemption from bankruptcy laws to force the company to hand over documents considered vital to the plaintiffs.

  • November 21, 2005

    Spitzer Drops Case Against Broker

    New York Attorney General Elliot Spitzer’s far-reaching campaign against Wall Street fraudsters and scammers has hit a stumbling block, with the gubernatorial candidate abandoning criminal charges against two investment bankers in as many months.

  • November 21, 2005

    Brokerage To Pay $7M For Failure To Supervise Agent

    The Securities and Exchange Commission has entered a final judgment against a Florida financial services company and its president, who the Commission alleges failed to supervise an agent who defrauded investors of $15.5 million.

  • November 21, 2005

    Refco Scandal Puts Mayer Brown In A Pickle

    Mayer Brown Rowe & Maw LLP has been involved in one way or another in every major securities and white collar action since Cendant Inc.’s $14 billion accounting fraud ushered in the era of mega corporate collapses and settlements in 1998. But the firm's involvement with bankrupt futures brokerage Refco Inc. could put it in a delicate situation.

  • November 18, 2005

    SEC Fines Deemed Capricious By Appeals Court

    An appeals court has ruled that the Securities and Exchange Commission arbitrarily levied hundreds of thousands of dollars in penalties on three executives accused of carrying out a series of matched trades.

  • November 18, 2005

    SEC Clamps Down On Offshore Trading Of Unregistered Stock

    An offshore securities firm purchases 94% of Korea-based Allixon International Corp. through unregistered stock before using affiliates to sell it back to the public for $4.3 million in common stock, according to a federal complaint filed by the Securities and Exchange Commission.

  • November 18, 2005

    Offshore Hedge Funds Roped Into SEC Amerindo Probe

    Two allegedly fraudulent offshore hedge funds have been added to an amended securities fraud lawsuit by the Securities and Exchange Commission against Amerindo Investment Advisors Inc. and its well-known, former billionaire philanthropist founders.

  • November 18, 2005

    Baker & McKenzie Takes Global Approach

    With an unusually broad approach to white-collar crime and securities law, global behemoth Baker & McKenzie’s professionals routinely team up on high-profile cases across international jurisdictions.

  • November 17, 2005

    Black, Accused Of Siphoning Millions, Indicted On Fraud Charges

    Former publishing magnate Conrad Black has been indicted by U.S. prosecutors on fraud charges relating to allegations that he and other executives stole millions from his once powerful but now crumbling media empire.

  • November 17, 2005

    Prosecutors Target 1995 Suit In Milberg Probe: Report

    A shareholder class-action lawsuit from 1995 has become the focus of a federal investigation of alleged improprieties by the king of class-action suits, Milberg Weiss Bershad & Schulman of New York, according to a published report.

  • November 17, 2005

    Congress Hears Arguments For Regulatory Reform

    A Congressional panel heard arguments Thursday for and against revamping the securities industry’s current regulatory regime from industry bigwigs including the chief officers of the New York Stock Exchange and the National Association of Securities Dealers.

  • November 17, 2005

    Skadden Helps Blue-Chips Ward Off Mounting Threats

    Skadden Arps, the world’s top revenue-generating firm, is helping clients like Merrill Lynch fight back shareholder suits even as plaintiffs become increasingly creative in their litigation strategies.