MINNEAPOLIS (CN) - A hedge fund manager and his companies will not get a retrial in a securities fraud case springing from Thomas Petters' $3.7 billion Ponzi scheme, a federal judge ruled. But they will not suffer civil penalties, and the manager's wife was dismissed as a relief defendant.
(CN) - Already mired in multiple lawsuits accusing its credit-rating subsidiary, Standard & Poor's, of issuing fraudulently rosy ratings of mortgage-backed securities, McGraw-Hill has a newly emboldened shareholder action to worry about.
CHICAGO (CN) - The 7th Circuit affirmed the convictions of three men who turned a respected financial firm into a Ponzi scheme, using $200 million of investors' money to finance their lavish lifestyle.
MANHATTAN (CN) - PricewaterhouseCoopers must defend itself against a $1 billion lawsuit that claims its "improper accounting advice" caused former New Jersey Gov. Jon Corzine's MF Global Holdings to go belly up in 2001, a federal judge ruled.
(CN) - A federal judge awarded an investment firm a default judgment in Delaware against China MediaExpress, a Chinese advertising company accused of grossly exaggerating its value by more than $50 million.
(CN) - A merger between Bolt Technology Corp. and Teledyne Technologies Inc. is unfair to Bolt shareholders, a class claims in federal court.
(CN) - A Hong Kong-based company is operating a Ponzi scheme through a U.S. shell corporation designed to rip off investors, the Securities and Exchange Commission claims in federal court.
(CN) - Merck's $16.7 billion offer for chemical company Sigma-Aldrich is a "bargain basement price," shareholders say, seeking an injunction against the proposed deal.
ATLANTA (CN) - A Georgia man raised $105 million in a massive pyramid scheme through his Atlanta-based company Zhunrize, which purports to sell online stores through which "members" can sell merchandise, the SEC claims in court.
(CN) - China Housing & Land Development Inc. executives and directors are pushing through a reverse stock split transaction as part of an unfair buyout of the firm by its management, shareholders claim in federal court.
(CN) -Shareholders of Kinder Morgan Energy Partners claim company directors imposed a hefty tax burden on them after entering into a deal to sell the company to Kinder Morgan Inc. for $42 billion.
(CN) - DreamWorks Animation SKG Inc. withheld losses from its film "Turbo," causing a firestorm of lawsuits and a Securities and Exchange Commission investigation, a shareholder derivative says.
(CN) - Rocket Fuel Inc. execs dumped $175 million in personal stock as questions surrounding the company's exposure to electronic ad fraud began to surface, stockholders say in federal court.
(CN) - Salix Pharmaceuticals shareholders want to halt the company's plan to merge with Cosmo Tech, a subsidiary of Cosmo Pharmaceuticals, claiming in a class action that the price for the firm is far too low.
(CN) - Shareholders sued Apple and its board after a federal judge rejected a $325 million settlement offer, in an opinion that shined a spotlight on Steve Jobs' central role in the alleged "gentlemen's agreements" between tech companies that served to keep tech industry wages low.
(CN) - Bally Technologies investors are challenging an acquisition of the company by smaller competitor Scientific Games Corp. for $3.3 billion in court.
SANTA ANA, Calif. (CN) - The former CEO of an Orange County medical supply firm was federally charged Wednesday with passing inside-trading tips to his friend, former professional baseball player Doug DeCinces.
MANHATTAN (CN) - Neither the philanthropy, devoted fatherhood or previously clean criminal record of former S.A.C. Capital executive Mathew Martoma dissuaded a federal judge on Monday from sentencing him to 9 years in prison - above prosecutors' expectations - for a $276 million inside-trading scheme involving an Alzheimer's drug.
WASHINGTON (CN) - Bank of America will pay nearly $17 billion to settle federal charges involving its sale of mortgage-backed securities before the 2008 financial crisis, the Department of Justice and SEC announced.
WASHINGTON (CN) - The SEC accused Kansas of securities fraud, claiming the state failed to disclose in bond offerings that its pension system was "significantly underfunded" and the unfunded pension liabilities created a risk for investors.
(CN) - U.S. taxpayers' share of the former finance arm of General Motors has declined from 74 percent in 2010 to 16 percent today, the Government Accountability Office said in a report on the Troubled Asset Relief Program, amid signs that the Great Recession that began in 2008 is starting to ease.
(CN) - With Burger King moving its headquarters to Canada, U.S. officials announced new steps to discourage corporate inversions that avoid U.S. taxes.
(CN) - The Securities and Exchange Commission adopted new rules to give investors detailed information about the loans underlying asset-backed securities.
(CN) - Nationally Recognized Statistical Rating Organizations (NRSROs) will have to follow new requirements for enhanced governance and accountability under new rules adopted by the Securities and Exchange Commission.