WASHINGTON (CN) - The Federal National Mortgage Association and its former accountant, KPMG LLP, will pay a class of the state-sponsored corporation's shareholders $153 million to settle a decade-old securities fraud complaint.
(CN) - The D.C. Court of Appeals upheld a $310,000 Securities and Exchange Commission sanction against a broker-dealer who willfully ignored the fact that his subordinate was luring senior citizens into buying unsuitable annuities with the promise of a free lunch.
(CN) - A federal appellate panel upheld a lower court's dismissal of a securities class action brought against Kid Brands Inc., alleging the company violated customs laws en route to artificially inflating stock prices.
(CN) - A corporate oil family took an affiliate company public so it could buyout a majority stakeholder and develop prime oil country without spending its own money, Sanchez Energy Corp. shareholders claim in court.
(CN) - Violin Memory Inc. investors claim in court that the company's top officers misled them about the effect the looming government shutdown would have on the company's sales.
(CN) - Corrupt practices in less developed countries has cost Avon over $300 million, and could cost more if the company keeps refusing to tighten its internal controls, a shareholder alleges in a derivative complaint.
(CN) - Investors in global skin health company Photomedex Inc. are accusing the company's top officers of intentionally inflating the company's stock price while knowing that sales of one of its key products was non-existent in the Japanese market.
(CN) - A defect in an electric car built by Tesla Motors Inc. was exposed when a video showing its Model S engulfed in flames was posted online, sending the company's stock price down 28 percent, shareholders claim in court.
(CN) - International biopharmaceutical company ViroPharma is being sold on the cheap to Shire Pharmaceutical Holdings Ireland for $4.2 billion, shareholders claim in a class action.
(CN) - Home healthcare company BioScrip made two public offerings in 2013, raising millions of dollars, shortly before the government launched an investigation into its allegedly fraudulent Medicaid practices, causing its share price to plummet, shareholders claim in a class action.
(CN) - Pretium Resources told shareholders it found an estimated 7.1 million ounces of gold in a Canadian area it called "Valley of the Kings," but a third party revealed the area contains no gold at all, causing the company's share price to tumble 27 percent, a shareholder class action says.
(CN) - Shareholders of specialty biopharmaceutical company Santarus Inc. are crying foul after the company agreed to be sold for an allegedly unfair price despite the success of its latest drug launch.
(CN) - Broker-dealers advising retail customers should face the same legal standard to recommend products in their clients' best interest as investment advisers, a SEC advisory committee recommended.
HOUSTON (CN) - Weatherford International, an oil services company, will pay more than $250 million to settle criminal and civil charges of bribery and "improper" sales to sanctioned countries, the SEC said.
(CN) - Former Federal Reserve official Andrew Huszar says he is sorry for the Fed's much-touted quantitative easing program promoted as a tool to help Main Street, claiming it is actually "the greatest backdoor Wall Street bailout of all time."
(CN) - Even if it leads to more cases coming to trial, holding companies accountable for securities violations is worth it, In an honorary lecture, says SEC Chairwoman Mary Jo White.
(CN) - The North American Securities Administrators Association is attributing a 27 percent increase in the withdrawal of licenses from crooked investment advisers and brokers in large part to the investment adviser "switch" which took place last year under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
DALLAS (CN) - After the SEC's failed civil prosecution of billionaire Mark Cuban on insider-trading charges, the Dallas Mavericks owner continues to blast agency officials, claiming they were not fully informed about his case before suing him.
(CN) - Rapid technological advancement will usher in a "new day" in financial regulation, says Financial Industry Regulatory Authority Chairman and Chief Executive Officer Rick Ketchum.
(CN) - Lifting an 80-year old ban on advertising for companies looking for start-up capital will increase investors' exposure to "unscrupulous promoters," the North American Securities Administrators Association says.
WASHINGTON (CN) - As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the government ordered the nation's largest federally-backed financial institutions to conduct annual stress tests.