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Archived Latest Securities News Articles Page: 2
IBM Credit Union Members Settle Suit Over Ponzi Scheme
February 3, 2012 @ 1:01 pm
   An IBM Corp. employee credit union agreed Thursday to pay $950,000 in cash and turn over nearly $8 million in rights to a potential insurance payout to settle a class action alleging it negligently steered its members to an investment firm running a Ponzi scheme....
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Columbia Labs Sued Over Drug-Related Stock Drop
February 3, 2012 @ 12:53 pm
   Pharmaceutical company Columbia Laboratories Inc., whose touted premature-birth-preventing drug recently failed to win a key U.S. approval, was hit with a class action Friday by an investor who claims he was misled by the company's early hype....
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SEC Commissioner Objects To Choice For Auditing Panel
February 3, 2012 @ 11:38 am
   The U.S. Securities and Exchange Commission on Friday named a long-time government auditor to serve on the independent panel that regulates the auditing profession, sparking complaints from Commissioner Luis A. Aguilar that the pick did little to promote investor interests....
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Express Services Founder Can't Dodge Looting Battle
February 3, 2012 @ 11:32 am
   An Oklahoma federal judge on Friday refused to dismiss a shareholder derivative suit in which one of the co-founders of staffing giant Express Services Inc. accuses his fellow founder of using the company as a personal piggy bank, allegedly taking from it well in excess of $141 million....
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BofA Escapes Allstate Suit Over Countrywide Liability
February 3, 2012 @ 11:25 am
   A California federal judge on Thursday dismissed Allstate Insurance Co.'s case alleging Bank of America Corp. schemed to hinder Countrywide Financial Corp. creditors by obtaining the troubled financial company and stripping its assets....
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Judge Kills Most Of $70M HSBC Due Diligence Suit
February 3, 2012 @ 11:23 am
   A New York federal judge on Friday threw out much of a $70 million contract suit alleging HSBC Bank USA NA failed to properly vet hedge funds included in a structured financial product it sold, including allegations that the bank committed fraud....
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Cheney: Obama playing 'small ball' on entitlements
February 3, 2012 @ 11:22 am
   Former veep tells advisers current administration isn't doing enough to curb spending on social programs...
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1st Circ. Puts Limits On Whistleblowers Shielded By SOX
February 3, 2012 @ 11:09 am
   The First Circuit on Friday reversed the denial of a motion to dismiss two retaliation suits against Fidelity Investments, saying in a matter of first impression that employees of private companies that are contractors of public companies are not covered by the Sarbanes-Oxley Act's whistleblower protections....
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State Street’s Subprime Bets Cost Prudential $77M: Judge
February 3, 2012 @ 11:09 am
   State Street Bank and Trust Co. caused $77 million in losses to two Prudential Retirement Insurance and Annuity Co. retirement funds by investing them in risky subprime mortgage-backed securities as the housing market collapsed in 2007, a New York federal judge ruled Wednesday....
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SEC Names Jeanette M. Franzel to the Public Company Accounting Oversight Board
February 3, 2012 @ 10:58 am
   

FOR IMMEDIATE RELEASE
2012-24

Washington, D.C., Feb. 3, 2012 – The Securities and Exchange Commission today announced that it has named Jeanette M. Franzel to be a member of the Public Company Accounting Oversight Board (PCAOB). Ms. Franzel, currently a Managing Director of the U.S. Government Accountability Office (GAO) with over 20 years of public service, will replace Daniel L. Goelzer, one of the founding members and a former interim Chairman of the five-member Board.

The Sarbanes-Oxley Act of 2002 created the PCAOB to provide independent overs...
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Amara Ruling Should Kill Pension Plan's Kickback Suit: ING
February 3, 2012 @ 10:16 am
   ING Life Insurance & Annuity Co. on Thursday argued that the U.S. Supreme Court’s Amara decision negated a ruling that one of three claims could proceed to trial in a putative class action alleging ING engaged in a pay-for-play scheme with mutual funds in violation of the Employee Retirement Income Security Act....
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New York sues banks over electronic mortgage system
February 3, 2012 @ 10:10 am
   State Attorney General Eric Schneiderman accused three major institutions of fraudulently using MERS, an e-mortgage database, to avoid recording mortgage transfers....
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The return of pensions? Treasury backs annuities in retirement plans
February 3, 2012 @ 9:45 am
   American retirement security now ranks as a top concern of the White House, right up there with unemployment and the federal budget deficit. In a joint announcement Thursday, the Departments of Treasury and Labor unveiled two executive actions to expand the transparency of 401(k) fees and broaden the availability of retirement plan payout options to encourage the use of annuities to provide lifetime income....
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UBS On Hot Seat As Rogue Trading Probes Begin
February 3, 2012 @ 9:45 am
   Financial regulators in Switzerland and the U.K. have begun an investigation into how London-based trader Kweku Adoboli was allegedly able to rack up $2.3 billion in losses while working for Swiss banking giant UBS AG, the regulators said Friday....
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Goldman to face mortgage debt class-action lawsuit
February 3, 2012 @ 9:04 am
   Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of misleading investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender....
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