Former employees of Kmart Corporation have won an $11.75 million settlement in their class action suit, which alleges Kmart executives kept the company’s worsening financial condition from them and urged them to continue investing in the company’s stock.
The arraignment of former publishing magnate Conrad Black was once again postponed Tuesday when a federal judge gave the former chief executive officer of Hollinger International Inc. another day to prepare for court with his new defense attorneys.
Three Federated Investors affiliates have agreed to pay $72 million to settle allegations by the U.S. Securities and Exchange Commission and New York Attorney General Elliot Spitzer that they broke federal securities laws with undisclosed market timing arrangements and late trading.
Government regulators and Millennium Partners LLP are in advanced stages of negotiations to settle charges the renowned $5 billion hedge-fund firm run by Israel Englander was involved in "late trading" of mutual-fund shares, according to a published report.
On the same day as Dutch retailer Royal Ahold NV settled a shareholder class-action suit for $1.1 billion, a sales manager at a Pennsylvania supermarket vendor pled guilty in Manhattan federal court to a conspiracy charge in connection with Ahold’s alleged multimillion-dollar accounting fraud.
Dutch food retailer Ahold NV said Monday it agreed to pay $1.1 billion to settle a class-action lawsuit brought by shareholders in the U.S. in the wake of an accounting scandal that rocked markets on both sides of the Atlantic. But Ahold’s accountant, Deloitte & Touche, isn’t out of the woods yet, facing claims of more than $2 billion from Ahold shareholders.
In a significant setback for the largest shareholders of Sovereign Bancorp, the New York Stock Exchange has declined to compel a vote by investors before the bank can sell off a portion of its assets to fund a major acquisition.
White & Case was prepared for the multi-faceted nature of modern securities litigation by its involvement in one of the most complex securities cases in recent memory, the Credit Lyonnais scandal.
New York state Attorney General Eliot L. Spitzer will not seek criminal charges against Maurice R. "Hank" Greenberg, the former head of insurance giant American International Group Inc., his office has confirmed.
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.
The former chief operating officer of bankrupt and scandal plagued Adelphia Communications Co. has pled guilty in federal court to signing a false statement, a charge that carries a maximum penalty of three years in jail.
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.
Three years after Arthur Andersen LLP’s conviction for its role in the Enron Inc. accounting scandal, the Justice Department has decided to abandon its prosecution of the now near-defunct accounting firm.
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.
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.
In an era of hyper-vigilance, Weil, Gotshal & Manges LLP is relying on proactive counseling to help clients navigate the new corporate-governance landscape.
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.
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.
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.
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.