Litigation

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E*TRADE Announces $79 Million Settlement Of Subprime Claims In Securities Lawsuit
Posted on 23 Dec 2011 by Timothy Raub

NEW YORK - (Mealey's) E*TRADE Financial Corp. has agreed to a $79 million settlement with investors to settle claims that it misrepresented the risk associated with its investment in subprime mortgage-backed securities in violation of federal securities... Read More

Lessons From 2 SEC Losses In Court
Posted on 19 Jan 2011 by Thomas O. Gorman

Financial fraud and insider trading have long been priorities for SEC enforcement. Years of enforcement experience should give the agency expertise in these matters. That expertise coupled, with a judicious use of prosecutorial discretion, and a recognition... Read More

Shareholders Launch Follow-On Securities Lawsuit Against Goldman Sachs
Posted on 30 Apr 2010 by Kevin M. LaCroix

The SEC's high-profile enforcement action against Goldman Sachs and one of its investment bankers may or may not revitalize the waning subprime and credit crisis-related litigation wave, but it has at least sparked an outbreak of follow on civil litigation... Read More

2 SEC Insider Trading Cases Filed
Posted on 10 Jan 2011 by Thomas O. Gorman

The SEC filed back to back insider trading cases just prior to the Christmas holiday against unknown option purchasers. Each centers huge option trading positions. Each was brought to obtain a freeze of the trading profits. These cases contrast sharply... Read More

SEC Reaches $137M Settlement With Bank Of America Subsidiary In Municipal Bond Investigation
Posted on 8 Dec 2010 by Timothy Raub

WASHINGTON, D.C. - (Mealey's) A former subsidiary of Bank of America Corp. that is now part of Merrill Lynch, Pierce, Fenner and Smith LLP on Dec. 7 agreed to a $137 million settlement of a Securities and Exchange Commission investigation into allegations... Read More

Goldman Sachs To Pay $550M To Settle Charges It Misled Subprime Investors
Posted on 16 Jul 2010 by Dylan McGuire

NEW YORK - Goldman, Sachs & Co. has agreed to pay $550 million in penalties and to change its business practices to settle allegations brought by the U.S. Securities and Exchange Commission that it misled investors in a subprime mortgage product,... Read More

The Week in Securities Litigation: SEC Settles 2 Insider Trading Cases, Brings 3 Investment Fund Lawsuits
Posted on 7 Oct 2011 by Thomas O. Gorman

The SEC settled two insider trading cases this week while bringing three investment fund fraud suits, two of which involved recidivists who are alleged to have diverted investor funds from their current scheme to make payments in their prior criminal... Read More

Alcantel-Lucent Settles FCPA Cases
Posted on 5 Jan 2011 by Thomas O. Gorman

The Department of Justice and the SEC settled FCPA cases with Alcantel-Lucent S.A., a company formed in a November 30, 2006 merger involving Paris, France based Alcantel, S.A. and U.S. based Lucent Technologies, Inc. U.S. v. Alcatel-Lucent S.A. , (S.D... Read More

Citigroup Paying $75 Million To Settle Civil Charges
Posted on 29 Jul 2010 by LexisNexis Litigation Resource Community Staff

WASHINGTON, D.C. - (AP) Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. The Securities and Exchange Commission announced... Read More

SEC Paying $755K To Settle With Fired Lawyer
Posted on 30 Jun 2010 by LexisNexis Litigation Resource Community Staff

WASHINGTON, D.C. - (AP) The Securities and Exchange Commission is paying $755,000 to settle a lawsuit with a former staff lawyer who accused the agency of blocking his investigation of a prominent hedge fund. The SEC settlement of Gary Aguirre's wrongful... Read More