Securities

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Judge Trims Claims In Securities Class Action Against Morgan Stanley
Posted on 9 May 2012 by Mealeys

NEW YORK - A federal judge in New York on May 4 granted in part and denied in part a motion to dismiss filed by defendants that alleged that shareholders failed to plead common-law claims against them concerning misrepresentations the defendants made... Read More

Judge Approves $90M Settlement With Lehman Officers, Directors
Posted on 25 May 2012 by Mealeys

NEW YORK - A federal judge in New York on May 24 approved a $90 million settlement between former Lehman Brothers Holdings Inc. directors and officers and a proposed class of Lehman investors, settling claims that the executives misled the investors about... Read More

Pension Schemes Named Lead Plaintiffs In 1st Solar Securities Class Action
Posted on 26 Jul 2012 by Mealeys

PHOENIX - A federal judge in Arizona on July 23 appointed two pension schemes as lead plaintiffs in a securities class action lawsuit against a solar modules manufacturer and certain of its current and former officers and directors, ruling that the pension... Read More

Bankrupt OSG Seeks Stay Of Securities Class Actions Against Officers, Directors
Posted on 16 Jan 2013 by Mealeys

WILMINGTON, Del. - Bankrupt Overseas Shipholding Group Inc. (OSG) on Jan. 15 filed an adversary complaint in the U.S. Bankruptcy Court for the District of Delaware, seeking a declaration that the automatic stay applies to litigation against its current... Read More

MF Global SIPA Trustee To File Suit In United Kingdom, Seeking Recovery Of $700M
Posted on 19 Apr 2012 by Mealeys

NEW YORK - The trustee in the Securities Investor Protection Act (SIPA) litigation that arose from the Chapter 11 bankruptcy filing of MF Global Holdings Ltd. (MFGH) in the U.S. Bankruptcy Court for the Southern District of New York on April 18 released... Read More

Bankruptcy Judge: MF Global SIPA Trustee Distribution OK; Other Agreements Void
Posted on 25 Apr 2012 by Mealeys

NEW YORK - The bankruptcy judge in the Securities Investor Protection Act (SIPA) litigation related to the Chapter 11 proceeding of MF Global Inc. (MFGI) on April 24 granted the SIPA trustee's claims distribution motion but ruled that agreements the... Read More

Judge: Investor Failed To Plead Material Misstatement In Securities Lawsuit
Posted on 29 Mar 2013 by Mealeys

COVINGTON, Ky. - Dismissal of a lead plaintiff's consolidated amended securities class action complaint is proper because the lead plaintiff failed to properly plead any materially misleading statements or omissions in violation of federal securities... Read More

Judge Allows Party To Proceed With Arbitration Of Auction-Rate Securities Claims
Posted on 14 Feb 2013 by Mealeys

DULUTH, Minn. - An auction-rate securities issuer stands to suffer "substantial harm" should it be preliminarily enjoined from proceeding with Financial Industry Regulatory Authority (FINRA) arbitration against a broker-dealer, a federal judge... Read More

U.S. Government Seeks Life In Prison For Fraud By Peregrine CEO Russell Wasendorf
Posted on 24 Jan 2013 by Mealeys

CEDAR RAPIDS, Iowa - The U.S. government, which sued Peregrine Financial Group Inc. CEO Russell R. Wasendorf Sr. alleging securities fraud related to Peregrine's Chapter 7 bankruptcy filing, on Jan. 22 filed a memo in federal court calling for Wasendorf... Read More

Mealey's Emerging Securities Bulletin: Judge Grants Preliminary Approval of $590 Million Citigroup Securities Settlement
Posted on 30 Aug 2012 by Mealeys

NEW YORK - A federal judge in New York on Wednesday granted preliminary approval of a $590 million settlement between shareholders, Citigroup Inc. and certain of its current and former executive officers and directors on claims that the defendants misrepresented... Read More

Securities Class Action Settlements Reach 14-Year Low, Cornerstone Report Shows
Posted on 20 Mar 2013 by Mealeys

BOSTON - Although 2012 saw the number of securities class action settlements reach a 14-year low, the total settlement dollars for the year increased by more than 100 percent over 2011, according to a report released March 20 by Cornerstone Research.... Read More

Convicted Ponzi Schemer Stanford Sentenced To 110 Years In Prison
Posted on 15 Jun 2012 by Mealeys

HOUSTON - The federal judge in Texas overseeing the criminal case of convicted Ponzi scheme mastermind R. Allen Stanford yesterday sentenced Stanford to 110 years in federal prison ( United States of America v. Robert Allen Stanford , No. 09-342, S.D... Read More

Madoff Trustee Agrees To $162M Settlement With New York Mets' Owners
Posted on 20 Mar 2012 by Mealeys

NEW YORK - The owners of Major League Baseball's New York Mets and the liquidation trustee of Bernard L. Madoff Investment Securities LLC (BLMIS) agreed on March 19 to a $162 million settlement of claims relating to the defendants' alleged profiting... Read More

Mealey's Financial Services Bulletin: Feeder Funds to Pay $220 Million to Settle Madoff Fraud Claims
Posted on 14 Nov 2012 by Mealeys

NEW YORK - Four Bernard L. Madoff Investment Securities LLC feeder funds and several of their current and former owners and officers have agreed to pay nearly $220 million to settle claims that they breached their fiduciary duties under the Employee Retirement... Read More

Judge Won't Lift Discovery Stay In Securities Class Action Against MGM Mirage
Posted on 26 Jun 2012 by Mealeys

LAS VEGAS - A federal magistrate judge in Nevada on June 21 denied lead plaintiffs' motion to lift a discovery stay in a securities class action lawsuit against MGM Mirage and certain of its former executive officers, ruling that a lifting of the... Read More

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