Securities

  • June 20, 2006

    Carter Ledyard Snags Senior Davies Ward Partner

    A senior partner specializing in corporate and securities law with Davies Ward Phillips & Vineberg has moved to Carter Ledyard & Milburn LLP.

  • June 20, 2006

    Shareholder Suit Against Stolt-Nielsen Will Proceed

    Beleaguered transportation and storage company Stolt-Nielsen SA will not be able to cross a shareholder lawsuit off its list of legal worries, after a judge denied the company’s motion to dismiss the class action.

  • June 20, 2006

    AIG Smacked With Suit Over $1.6B Settlement

    Unable to leave the courtroom behind, American International Group Inc. has been hit with a new lawsuit by its largest shareholder for allegedly mishandling a $1.6 billion settlement with federal regulators related to the insurance giant’s purported multi-million dollar accounting fraud.

  • June 20, 2006

    Attorneys Leave Embattled Milberg Weiss

    Two more lawyers are leaving Milberg Weiss Bershad & Schulman, the law firm indicted last month for allegedly paying kickbacks to lead plaintiffs in nearly 150 class action suits.

  • June 19, 2006

    Supreme Court Looks To Solicitor General In IPO Case

    The U.S. Supreme Court has asked the Bush administration to weigh in on whether shareholders should be able to file antitrust claims against the world’s leading investment banks over their role in initial public offerings.

  • June 19, 2006

    Shareholders May Get €200M In DaimlerChrysler Case

    Sixteen former shareholders of Daimler-Benz AG, who together owned almost 2% of the company’s stock, may receive about €200 million to settle an ongoing lawsuit with auto maker DaimlerChrysler AG, according to a settlement proposal issued by a regional court judge in Stuttgart, Germany.

  • June 19, 2006

    Paulson Subpoenaed In Pay Package Lawsuit

    The head of Goldman Sachs and President Bush’s nominee for the U.S. Treasury Secretary has been subpoenaed in the lawsuit over the lucrative pay package of former NYSE Chairman Richard Grasso.

  • June 19, 2006

    Investor Challenges Sphinx, Refco Settlement

    An investor in the crumbling Sphinx Managed Futures Fund has appealed the $263 million settlement between SMFF and bankrupt futures broker Refco Inc., claiming that the fund used money from defrauded investors to make the payment.

  • June 19, 2006

    Judge Delays Sentencing Of Enron Duo

    A federal judge has pushed off the sentencing for former Enron Corp. chief executives Kenneth Lay and Jeffrey Skilling, who were found guilty by a jury last month for the fraud and conspiracy that led to Enron’s nosedive into bankruptcy.

  • June 19, 2006

    Trademarked Funds Can Trade Without License

    The International Securities Exchange can trade options without a license on two widely known exchange-traded funds without infringing on the funds’ trademarks, the Second Circuit unanimously confirmed on Friday.

  • June 19, 2006

    Home Depot Investigates Its Options Granting Practices

    Home Depot Inc. has joined the growing list of companies embroiled in questions about options practices, revealing that executives on three occasions were awarded options at below-market prices.

  • June 19, 2006

    Court Approves Ahold's $1.1 Billion Payout

    A federal court in Maryland has approved a $1.1 billion settlement agreement, bringing a 3-year old class action securities suit against Dutch retailer Royal Ahold N.V. to a close. U.S. shareholders filed the lawsuit in the wake of a massive accounting scandal that brought Royal Ahold to the brink of collapse in 2003.

  • June 16, 2006

    Arguments Begin In NYSE Fraud Case

    Federal prosecutors opened their arguments on Thursday against two former high-profile traders at the New York Stock Exchange, accusing them of defrauding investors.

  • June 16, 2006

    SEC Launches Three More Backdating Probes

    The flood of federal probes into options backdating continued this week, as three more companies received inquiries from the U.S. Securities and Exchange Commission.

  • June 16, 2006

    Senate Panel Probes More Fannie Misdeeds

    Mortgage giant Fannie Mae's senior employees are facing scrutiny from a federal official, who told the U.S. Senate Banking Committee that the executives enriched themselves with bonuses based on manipulated accounting.

  • June 16, 2006

    Former HealthSouth VP Gets 8 Years

    The sole conviction stemming from the massive fraud at HealthSouth Corp. has resulted in an eight-year prison sentence for Hannibal “Sonny” Crumpler, a former vice president at the medical services provider.

  • June 16, 2006

    Skilling Defense Team Awaits Millions In Fees

    In what may add up to the most expensive defense in history, O’Melveny & Myers LLP, the Los Angeles-based law firm which has defended former Enron chief executive Jeffrey Skilling on civil and criminal charges since 2001, is reportedly waiting to collect tens of millions of dollars in legal fees.

  • June 15, 2006

    Jury Deliberates Scrushy's Fate

    A jury began deliberating Thursday afternoon over whether Richard M. Scrushy will serve jail time for charges stemming from a $500,000 payoff federal prosecutors argued secured him a seat on a state regulatory board. If convicted, Scrushy faces the possibility of decades in jail and hundreds of thousands of dollars in fines.

  • June 15, 2006

    Reed Smith Merger To Bolster Securities Group

    In a bid to bolster its securities practice in key business markets, the United States-based Reed Smith LLP said this week it plans to merge with U.K. firm Richards Butler LLP, creating one of the 20 largest law firms in the world.

  • June 15, 2006

    Refco Unit Must Hand Over $124M To Russian Bank

    In a blow to Refco Securities LLC, a U.S. judge has ruled that the unit of bankrupt brokerage giant Refco Inc. must follow a British court judgment and fork over $124 million to Russia's largest commercial bank.