Insider trading cases just got harder to make after a key federal court raised the bar on what prosecutors must prove, in a ruling that also imperils a handful of victories for the Justice Department in its multiyear probe.
Read More »SEC says House insider probe involves dozens of funds, firms
An insider-trading probe involving the U.S. House Ways and Means Committee and a top staff member also includes dozens of hedge funds, investment advisers and other firms, the U.S. Securities and Exchange Commission said in a court filing.
Read More »U.S. House says staff ‘absolutely immune’ to SEC subpoena demand
The U.S. House Ways and Means Committee and a top staff member say the panel and its employees are “absolutely immune” from having to comply with subpoenas from a federal regulator in an insider-trading probe.
Read More »House committee, aide win delay in SEC insider trading probe
The House Ways and Means Committee and a top staff member of the panel were given until July 4 to explain why they haven’t responded to subpoenas in an insider-trading probe by the U.S. Securities and Exchange Commission.
Read More »Morgan Stanley sues convicted former broker to recoup legal fees
Morgan Stanley sued to recover more than $3.6 million it paid to defend a former broker who was imprisoned for his role in a kickback scheme.
Read More »Ex-SAC analyst settles with SEC over insider-trading claims
Former SAC Capital Advisors LP analyst Ron Dennis settled a lawsuit brought by the U.S. Securities and Exchange Commission accusing him of involvement in an insider-trading scheme that included Michael Steinberg, a former SAC manager convicted in December.
Read More »Countrywide asks judge to reject U.S. claim for $2.1B
Lawyers for Bank of America Corp.’s Countrywide unit and the U.S. government returned to a federal courtroom yesterday to spar over whether the bank owes nothing – or as much as $2.1 billion – for selling thousands of defective mortgage loans to Fannie Mae and Freddie Mac.
Read More »GE sues IRS for $658M in tax refund for overpayment
General Electric Co. sued the U.S. Internal Revenue Service seeking a $658 million federal tax refund for overpaid taxes and interest tied to losses it claimed from the sale of ERC Life Reinsurance.
Tagged with: General Electric Internal Revenue Service
Read More »Apple wins delay of e-books monitoring until hearing
Apple Inc. won a temporary reprieve from having a court-ordered monitor oversee its compliance with an antitrust ruling on electronic book prices until a federal appeals court holds a hearing on its bid for a longer stay.
Tagged with: Apple Inc.
Read More »Bank of America’s Countrywide found liable for defrauding Fannie Mae
The case was the first brought by the U.S. against a bank over defective mortgages to go to trial.
Tagged with: Bank of America Corp. Countrywide Fannie Mae Freddie Mac
Read More »Bank of America’s Countrywide sold thousands of bad loans, U.S. says
The U.S. claims Bank of America and Countrywide, which it acquired in 2008, sold thousands of defective loans from 2007 to 2009 to the home-mortgage finance companies.
Tagged with: Bank of America Corp. Bank of America Corp. Countrywide fraud
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