(CN) - Author Michael Lewis did not defame a money manager in the bestseller "The Big Short: Inside the Doomsday Machine" by portraying him as the one who piloted financial markets into the 2008 financial meltdown, a divided 2nd Circuit panel ruled.
MANHATTAN (CN) - J.P. Morgan Chase and other major banks accused of helping Thomas Petters pull of a $3.7 billion Ponzi scheme - the third-largest in U.S. history - will fend off a federal lawsuit in Minnesota where the disgraced businessman was once on the docket.
CLEVELAND (CN) - The Ohio Public Employees Retirement System failed to prove Freddie Mac concealed a $2 billion loss on risky mortgages from investors before a 2007 financial report set its stocks reeling, a federal judge ruled.
(CN) - Aeterna Zentaris Inc. stock price tumbled after it came out that the firm allegedly lied about the effectiveness of one of its drugs, shareholders say in a federal class action.
(CN) - Rayonier's stock price plummeted after the company revealed that its financial statements contained errors about sales costs, shareholders say in a federal class action.
(CN) - Prosthetics maker Hanger Inc. misled investors about the impact increased Medicare reimbursement audits under Obamacare would have on its business, stunning the market when it announced an earnings drop of 23 percent, a class of shareholders claims.
MANHATTAN (CN) - A pair of federal complaints accuse Argentina of failing to make good on $8 million in bond payments.
LOS ANGELES (CN) - Billionaire William Ackman's plan to take over Allergan found support in a new federal shareholder action amid reports that Activis put in a $60 billion bid.
(CN) - Shareholders challenged a tender offer by steel fabricator Schuff International's controlling shareholder HC2 Holdings that will take Schuff private.
(CN) - Investors claim in court that a Tesco accounting bungle caused the company to overstate profits by 23 percent.
(CN) - Bankrate knowingly inflated revenues in its financial statements for the past three years, prompting the Securities and Exchange Commission to investigate, and the company's share price to fall over 10 percent after the news broke, a shareholders claim in a class action.
(CN) - A North Carolina man accused of being the mastermind of an $850 million Ponzi scheme pleaded not guilty to multiple federal charges of fraud and conspiracy.
(CN) - The Supreme Court was in stitches during a tortuous but lighthearted inquisition on the definition of "object" and the moral corruptness of wrongful fish disposal.
(CN) - The Supreme Court heard arguments Monday in a securities class action against pharmaceutical giant Omnicare, asking to what extent, if any, a corporation needs a "reasonable basis" for opinions in its SEC registration statement.
(CN) - The Financial Industry Regulatory Authority has proposed a rule that would require firms to disclose buy and sell prices when transactions involve the same security on the same day.
(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.