Problems Involving Private Offerings Escalate
In response to recent concerns over high-risk private offerings such as Medical Capital and Provident Royalties, the Financial Industry Regulatory Authority (FINRA) has issued a Notice to Members...
View ArticleBondholders Sue Citigroup for Misrepresntations Regarding CDOs and Other...
A United States District Court judge has ruled that a class action may proceed against Citigroup and others for making an array of material misrepresentations and omissions in public offering materials...
View ArticleProposed Changes to New York Law Would Make Wall Street More Accountable
Wall Street may face a wave of lawsuits under an expanded version of the Martin Act, New York’s securities anti-fraud statute, if the newly elected Governor of New York has his way, according to a Wall...
View ArticleBroker/Dealer Capital Financial Attempts to Circumvent the Arbitration...
In the current economic environment where banks and large financial institutions have received financial bailouts, cash strapped broker dealer Capital Financial Services, Inc. is seeking to get a legal...
View ArticleJudge Rejects Securities America’s Attempts to Settle Class Actions Involving...
A federal judge has refused to approve a proposed class action settlement between Securities America and a class of people who purchased hundreds of millions of fraudulent securities issued by Medical...
View ArticleSunTrust Sued For Alleged 401(k) Abuses
A suit filed in federal court in Atlanta by a former SunTrust Bank employee and 401(k) plan participant alleges that SunTrust violated federal retirement plan laws by selecting its own high-fee, poorly...
View ArticleGoldman’s CDO Problems Continue
A Manhattan federal judge has consolidated securities class actions against Goldman Sachs Group Inc. and other affiliated persons (Goldman) and appointed three pension funds as co-lead plaintiffs in a...
View ArticleWells Fargo Settles Mortgage-Backed Securities Claims filed by Pension Funds
Wells Fargo & Co. has agreed to pay $125 million to a group of pension funds to settle a class action filed by various public pension funds that purchased billions of dollars of mortgage-backed...
View ArticleBank of America Must Deal with Exposure of $50-$100 Billion Associated with...
Investors who bought toxic mortgage-backed bonds from Bank of America’s Countrywide, and homeowners seeking loan modifications are proposing drastic measures to better enable BofA to deal with the...
View ArticleSEC Receiver Seeks to Deny Recovery to Many Medical Capital Investors
In connection with the Medical Capital receivership, the SEC Receiver recently filed its “Proposed Plan for Distribution” (the “Plan”). Unfortunately, the Plan contains some disturbing news for those...
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