Thursday, November 20, 2014 6:46 PM PT
By LORRAINE BAILEY 

     
     (CN) - Zynga directors may have unfairly waived restrictions on stock sales for some pre-IPO investors for their own personal enrichment, the Delaware Chancery Court ruled. 

By CHRIS FRY 

     (CN) - Goldman Sachs need not face claims over its "naked short sales," but Overstock.com may have a case against Merrill Lynch, a California appeals court ruled. 

By ROSE BOUBOUSHIAN 

     (CN) - A businessman can battle brokerages allegedly liable for "naked short selling" of shares in his former memorabilia company in New Jersey, the 3rd Circuit ruled. 

By LORRAINE BAILEY 

     (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. 

By ADAM KLASFELD 

     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. 

By DAN MCCUE  

     
     (CN) - The 2nd Circuit affirmed a final settlement of shareholder lawsuits stemming from the Bank of America's merger with Merrill Lynch at the height of the global banking crisis. 

By KEVIN KOENINGER 

     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. 

By NICK DIVITO 

     MANHATTAN (CN) - Regulators eyeing a potential $550 million judgment against the Texas tycoons behind arts-and-crafts franchise Michaels won a federal asset freeze. 

By PHILIP A. JANQUART 

     
     (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.

By PHILIP A. JANQUART 

     (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.

By LORRAINE BAILEY 

     
     (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.

By NICK DIVITO 

     MANHATTAN (CN) - A pair of federal complaints accuse Argentina of failing to make good on $8 million in bond payments.

By MATT REYNOLDS 

     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.

By NICKEESHA SWABY 

     (CN) - Shareholders challenged a tender offer by steel fabricator Schuff International's controlling shareholder HC2 Holdings that will take Schuff private.

By LORRAINE BAILEY  

     
     (CN) - Investors claim in court that a Tesco accounting bungle caused the company to overstate profits by 23 percent.

By LORRAINE BAILEY 

     (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.

By DAN MCCUE 

     (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.

By JULIE BAKER-DENNIS 

     LOS ANGELES (CN) - A California-based multi-million dollar ATM Ponzi scheme has been shut down by the Securities and Exchange Commission through an emergency order by a federal judge in Sacramento. 

By JACK BOUBOUSHIAN 

     (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.

By LORRAINE BAILEY 

     (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.

By PHILIP A. JANQUART 

     (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.

By LORRAINE BAILEY 

     (CN) - Six federal agencies approved a final rule requiring security sponsors to retain at least a five percent interest in the assets they securitize. 

By DAVID LEE 

     (CN) - With Burger King moving its headquarters to Canada, U.S. officials announced new steps to discourage corporate inversions that avoid U.S. taxes.

By LORRAINE BAILEY 

     (CN) - The Securities and Exchange Commission adopted new rules to give investors detailed information about the loans underlying asset-backed securities.

By PHILIP A. JANQUART 

     (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.