WASHINGTON (CN) - The court-appointed receiver for R. Allen Stanford's $7 billion Ponzi scheme cannot sue Proskauer Rose and Chadbourne & Parke in D.C. federal court because it lacks jurisdiction, the D.C. Circuit ruled.
(CN) - Two men who sold memberships in online shopping hub Big Co-op, and promised "rewards" based on customers' recruitment of other members, will serve more than 30 years in prison for securities fraud, a California appeals court affirmed.
NEW YORK (CN) - The so-called "Madoff 5" can't wriggle out of their convictions for helping Bernard Madoff run the nation's largest Ponzi scheme, the federal judge who oversaw their trial ruled.
MANHATTAN (CN) - A JPMorgan Chase shareholder jumped the gun in filing a derivative lawsuit against CEO Jamie Dimon in connection with "six recent, high-profile settlements with government agencies and private litigants arising out of allegations of egregious misconduct," a federal judge ruled.
(CN) - Three banks that "fix" the market price of silver each day in a private conference call used their insider knowledge to manipulate the silver futures market to make "millions, if not billions" in profit, a class claims in court.
(CN) - Cigarette manufacturer Lorillard Inc. is being sold on the cheap for $25 billion to rival Reynolds American, shareholders claim in Delaware Chancery Court.
(CN) - A pair of investors are suing biopharmaceutical company Vivus Inc. claiming company executives were dishonest about the growth prospects of the obesity fighting drug Qsymia.
(CN) - Bancorp Inc. failed to disclose that the bank was under-reserved for potential loan losses and that it's practices violated the Bank Secrecy Act, shareholders claim in a class action.
(CN) - Endocyte Inc. failed to inform investors it used a less stringent set of criteria while evaluating a new cancer drug, causing stocks to plummet when the news was revealed, shareholders claim in court.
(CN) - Liquidity Services Inc. officers inflated stock prices before selling their shares and then disclosed company troubles, causing stocks to plummet, shareholders claim in a class action.
(CN) - To thwart a hostile takeover attempt by activist shareholder Carl Icahn, Lions Gate Entertainment issued 16 million new shares without investor approval, resulting in an SEC fine and causing the studio's share price to fall more than 9 percent, shareholders claim in a class action.
(CN) - PowerSecure shares fell more than 62 percent when the company disclosed rising operational costs and decreasing profits, problems that it allegedly hid from investors ahead of a $42 million public offering, a shareholder class action claims.
(CN) - Kroger's $280 million offer for Vitacost does not account for the vitamin company's growth potential and falls below analysts' target price, Vitacost shareholders claim in a class action.
WASHINGTON (CN) - Former New Mexico Gov. Toney Anaya is one of four people the SEC charged Wednesday with concealing from investors that Natural Blue Resources, a microcap company, was run by "two lawbreakers."
MANHATTAN (CN) - A federal jury found Rengan Rajartnam not guilty of the charges that brought down his older brother, Galleon Group founder Raj Rajaratnam.
MANHATTAN (CN) - Bernard Madoff's ex-accountant pleaded guilty this morning to conspiracy and falsifying records during Madoff's $20 billion Ponzi scheme.
WASHINGTON (CN) - The Securities and Exchange Commission has issued a regulation to make money market funds less susceptible to redemption in times of economic stress.
(CN) - SIFMA reiterated its opposition to the Department of Labor's proposed expansion of the fiduciary duty standard, claiming that it will harm everyday investors' ability to save for retirement.
(CN) - When it comes to regulatory cooperation, talk is cheap and only meaningful action can "ensure global financial stability while maintaining open markets," E.U. Commissioner for Internal Market and Services Michel Barnier told the Peterson Institute for International Economics in Washington D.C. this month.
(CN) - The U.S. Department of Labor's (DOL) plans to redefine the meaning of the word "fiduciary" in an effort to better standards of conduct for brokers has again been pushed back to January 2015 instead of August 2014 until key issues are further addressed.