Search Results for: U.S. District Court
SEC Obtains Nearly $70 Million Judgment Against Richmond, Va.
August 4th, 2014
The Securities and Exchange Commission has announced that it has obtained a final judgment in federal court in Tennessee requiring a Richmond, Va.-based financial services holding company, a subsidiary brokerage firm, and their CEO to pay nearly $70 million ...
CFTC Says Flexibility essential to Oversee Cross-Border Swaps
July 31st, 2014
U.S. regulators need flexibility in overseeing cross-border swaps, a lawyer for the Commodity Futures Trading Commission told a federal judge as he defended the agency’s reliance on guidance rather than formal rules in a lawsuit brought by Wall Street’s ...
Bank of America Hit With $1.3 Billion Penalty for Mortgage Fraud
July 31st, 2014
Bank of America was hit with almost $1.3 billion in civil penalties Wednesday for a housing meltdown scam run by a subsidiary that a jury found intentionally sold bad mortgages to Freddie Mac and Fannie Mae. Bank of America ...
GM sued over deaths, injuries linked to ignition switch
July 30th, 2014
General Motors (GM.N) was hit Tuesday with a lawsuit brought on behalf of more than 650 people allegedly injured or killed in accidents involving cars that have been recalled this year for faulty ignition switches. The lawsuit was filed ...
Prosecutors, defense spar over $150 billion forfeiture for Madoff aides
July 30th, 2014
Four months after five former Bernard Madoff aides were convicted of helping conceal his massive Ponzi scheme, their lawyers and U.S. prosecutors are still fighting over the trial’s key question: What did they know, and when did they know ...
Argentine’s debt must be paid to holdouts
July 29th, 2014
Argentina’s battle in courts for over a dozen of years against the claims of holdout investors in its defaulted debt, did not turn out positively. The holdouts, led by Paul Singer’s Elliott Capital Management and Mark Brodsky’s Aurelius Capital ...
Fedex faces criminal charges over online pharmacies
July 18th, 2014
FedEx Corp was indicted on Thursday for shipping packages from illegal online pharmacies despite repeated warnings from U.S. drug enforcement officials, according to a court filing. The 15-count indictment, handed down by a federal grand jury in San Francisco, ...
FBI sentences man for a $3.4 Million Forex trading fraud
July 17th, 2014
The American Federal Bureau of Investigation(FBI) has announced that a Quincy man swindled more than two dozen investors out of $3.4 million in an exotic foreign exchange fraud run from his Quincy home. Marcellus Lopes Lee was indicted in ...
PwC must face $1 billion lawsuit over MF Global collapse
July 11th, 2014
A federal judge on Wednesday rejected PricewaterhouseCoopers’ request to dismiss a $1 billion lawsuit accusing the auditor of providing bad accounting advice that contributed to the October 2011 collapse of MF Global Holdings Ltd, a brokerage run by former ...
State Street Agrees to Settle Forex Fee Suit for $60 Mln
July 10th, 2014
State Street Corp. (STT) agreed to pay $60 million to settle investor claims it inflated revenue by overcharging clients for foreign-exchange services, in a pact that resolves almost four years of litigation. The preliminary accord filed in Boston federal ...
