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In Brief
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As Bank of America agrees to settle SEC charges for $150 million, New York’s attorney general accuses the firm of lying to shareholders before its $50 billion merger with Merrill Lynch.
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Trading Suspensions
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The SEC suspended trading in 24 firms in January.
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Rules & Regulations
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The SEC plans to require brokers who allow their clients access to electronic trading to implement risk management procedures.
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Who's Doing What
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Carlo di Florio named director of the SEC’s office of compliance and inspections; Thomas Sporkin named head of the commission’s new office of market intelligence; the SEC names chiefs of its new specialized units focusing on asset management, market abuse, structured and new products, foreign corrupt practices, municipal securities and public pensions.
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Information Technology
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David H. Marion v. TDI Inc. An appellate panel tosses a $33 million award to victims of a Ponzi scheme after finding that a bank and a broker charged with aiding and abetting the fraud weren’t liable. U.S. Court of Appeals for the 3rd Circuit.
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Securities Fraud
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David Reinhart v. Gregg Boeck. A state appellate panel tosses an appeal by a salesman who was a partner in a scheme to sell unregistered securities. Court of Appeals of Indiana.
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Technology
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City of Harper Woods Employees’ Retirement System v. BAE Systems Plc. An appellate panel tosses a pension fund’s suit against BAE Systems which accused the firm of paying illegal bribes to a member of the Saudi royal family. U.S. Court of Appeals for the District of Columbia Circuit.
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Insurance
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G.K. Alan Assoc. Inc. v. Derval Lazzari. Insurance broker G.K. Alan Associates has a suit tossed against a client who refused to pay fees after he discovered that the firm lied to underwriters to decrease rates. New York Court of Appeals.
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Food & Beverage
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Alan Kartin v. Robert Woltin. A minority shareholder in a restaurant business loses his bid to sue other shareholders after bringing a direct action against them instead of a derivative action against the company. Florida Court of Appeal.
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Mutual Funds
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SEC v. The Reserve Primary Fund. A New York court approves a distribution plan for the remaining assets of the Reserve Primary Fund after its value collapsed following the failure of Lehman Bros. U.S.D.C. SD New York.
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Securities Fraud
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SEC v. Tecumseh Holdings Corp. The SEC wins a partial victory against Tecumseh Holdings CEO John Milling after suing him for securities violations. U.S.D.C. SD New York.
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Accounting Malpractice
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RGH Liquidating Trust v. Deloitte & Touche LLP. Bondholders in a bankrupt insurance holdings firm have their securities fraud claims thrown out after an appellate panel finds that plaintiff omitted information about the size of a class to dodge federal securities litigation rules. New York Supreme Court, Appellate Div.
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Securities Fraud
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Corporations Commissioner v. Anthony O’Neal. Church-going securities fraudster Anthony O’Neal loses an appeal of an enforcement action against him after selling interest in a failing business to fellow parishioners. California Court of Appeal.
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Management
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Peggy Off v. Centerline Holding Co. A representative plaintiff in a derivative class action against Centerline Holding wins a round in court over attorney’s fees after the company claimed her lawsuit had no bearing on a settlement between it and other shareholders. Delaware Court of Chancery.
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Real Estate
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SEC v. Homestead Properties LP. A district court grants a preliminary injunction against Homestead Properties after the SEC alleged that the firm bilked elderly investors out of millions. U.S.D.C. CD California.
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Insider Trading
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SEC v. Sonja Anticevic. A retired seamstress from Croatia has a default judgment rendered against her for allowing her nephew to use her brokerage accounts for insider trading deals. U.S.D.C. SD New York.
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Accounting Malpractice
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Victor Fernitz v. KPMG Peat Marwick L.L.P. A group of investors loses a lengthy legal battle after buying shares in a company that had to restate its financials in the late 90’s due to accounting errors by auditing firm KPMG. Cook County Circuit Court.
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Securities Fraud
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State of Utah v. Jamis M. Johnson. A state appellate panel upholds the findings of a lower court against disbarred attorney Jamis Johnson after he and a colleague conned dairy farmers out of their land and equipment for a share in an online investment firm. Utah Court of Appeals.
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Securities Fraud
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State of Utah v. A. Paul Schwenke. Disbarred attorney A. Paul Schwenke loses his appeal of a securities fraud conviction after he duped farmers into trading assets for stock in his company, American-Dairy.com. Utah Court of Appeals. (Full text on pg. 30)
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Technology
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AJW Partners LLC v. Itronics Inc. A state appellate panel rejects several counterclaims filed by fertilizer maker Itronics after it found itself in court for refusing to allow plaintiffs to convert loan notes into company stock. New York Court of Appeals.
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Pharmaceuticals
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Dennis Mangano v. PeriCor Therapeutics Inc. A pharmaceutical firm gets ordered to allow a shareholder who transferred part of his interest in the company to a sibling to vote the way he wants after it tried to block the man’s slate of directorship nominations. Delaware Court of Chancery.
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Equipment
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Janice Konkol v. Diebold Inc. Shareholders in ATM and voting machine manufacturer Diebold have a class action tossed by a federal appellate panel for failing to state a claim. U.S. Court of Appeals for the 6th Circuit.
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Securities Fraud
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The People v. Phoebus Smith. A convicted securities fraudster loses his appeal of a nine year prison sentence after unsuccessfully arguing that evidence admitted during his trial should have been excluded. California Court of Appeal 2nd Appellate District.
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Investment Banking
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Ken Brown v. Goldman Sachs Group Inc. Investment banking giant Goldman Sachs faces a shareholder derivative for using government bailout money to pay employees massive salaries and bonuses. New York Supreme Court.
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Communications
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Gary Gittleson v. Airvana Inc. Shareholders seek to block a buyout of Airvana Inc., claiming the deal benefits company insiders at the expense of investors. Delaware Court of Chancery.
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Semiconductors
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Mark Reppa v. ZiLOG Inc. Shareholders claim a $62 million merger deal between ZiLOG Inc. and IXYS Corp. is unfair. Delaware Court of Chancery.
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Insurance
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Alan Kahn v. Presidential Life Corp. A derivative complaint accuses the board of directors at Presidential Life Corp. of allowing company chairman Howard Kurz to keep his salary and benefits after retiring. Delaware Court of Chancery.
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Investment Management
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Glen Fagin v. Kohlberg Capital Corp. New York investment firm Kohlberg Capital faces a class action for allegedly exaggerating earnings and refusing to cooperate with auditors. U.S.D.C. SD New York.
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Semiconductors
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Sanjay Israni v. California Micro Devices Corp. Electronics firm California Micro Devices faces a class action over its proposed $108 million merger with ON Semiconductor Corp. Delaware Court of Chancery.
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Banking
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Danny Valerius v. Harleysville National Corp. A shareholder derivative complaint accuses Harleysville National Corp. of inking an unfair merger deal with First Niagara Financial Group. U.S.D.C. ED Pennsylvania.
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Oil & Gas
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William Stratton v. XTO Energy Inc. Investors sue to block Exxon’s $41 billion takeover of XTO Energy, claiming the deal offers a “meager premium” over the firm’s true value. Texas District Court Tarrant County.
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Pharmaceuticals
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Thomas Parrish v. Javelin Pharmaceuticals Inc. Shareholders claim in a class action that Javelin Pharmaceuticals’ merger deal with Myriad Pharmaceuticals is unfair. Massachusetts Superior Court.
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Technology
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Michael Silbergleid v. Rentech Inc. Los Angeles clean energy firm Rentech Inc. faces a shareholder class action for allegedly inflating earnings by more than $6 million. U.S.D.C. CD California.
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Securities Fraud
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State of Utah v. A. Paul Schwenke. Disbarred attorney A. Paul Schwenke loses his appeal of a securities fraud conviction after he duped farmers into trading assets for stock in his company, American-Dairy.com. Utah Court of Appeals.
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