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Thu, 08/18/2011 - 16:16 by Dipankar Roy
The trustee overlooking liquidation of Bernard Madoff's firm has added claims in the $2 billion lawsuit against UBS AG (UBSN).
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Sat, 07/23/2011 - 21:01 by Jamie Anderson
Express Scripts Inc. is reportedly buying rival Medco Health Solutions Inc. in a deal valued at $29 billion.
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Fri, 11/19/2010 - 00:00 by Prince damin
New York -- The U.S. Securities and Exchange Commission said former auto czar Steve Rattner agreed pay $6.2 million to settle kickback charges against him.
Rattner, who led the Obama administration's efforts to rescue the automotive industry in 2009, also agreed to a two-year ban from working as an investment adviser, the New York Post reported Thursday.
His legal troubles are not over. New York State attorney general Andrew Cuomo filed two lawsuits against Rattner Thursday.
"Steve Rattner was willing to do whatever it took to get his hands on pension fund money including paying kickbacks," said Cuomo in a statement.
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Thu, 09/09/2010 - 00:43 by Prince damin
Denver-- The U.S. Securities and Exchange Commission has let convicted Qwest executive Joe Nacchio off with a slap on the wrist, a former SEC attorney said.
The SEC last week said it had agreed to settle a lawsuit against the former chief executive officer with $19 million in fines after originally seeking to recover $216 million from Nacchio, The Denver Post reported Wednesday.
Former SEC attorney Peter Henning said the settlement, "comes at a very low cost to Nacchio."
In the settlement Nacchio agreed not to appeal the fines and to pay $44 million, which was the sum he had already been ordered to pay by a criminal court, where he was convicted of insider trading.
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Fri, 07/23/2010 - 14:15 by Sophie Anderson
Computer behemoth Dell will pay $100 million and chief executive and founder Michael Dell will dole out $4 million to settle the U.S. Securities and Exchange Commission (SEC) accounting fraud allegations.
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Tue, 01/12/2010 - 08:17 by harsheeb
New York -- The U.S. Securities and Exchange Commission said it is seeking to add a new charge in its complaint against Bank of America for misleading shareholders.
The regulator said it would ask the U.S. District Court in New York permission to charge the bank with failure to disclose the extent of Merrill Lynch losses as it sought to purchase Merrill Lynch last winter.
The bank has already been changed with failing to tell shareholders about an agreement to pay Merrill Lynch employees bonus checks despite the losses it suffered in the financial meltdown.
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Thu, 10/08/2009 - 04:12 by surajdogra
Dallas -- The U.S. Securities and Exchange Commission filed notice it would appeal a July ruling that dismissed an insider trading case against billionaire Mark Cuban.
In July, federal Judge Sidney Fitzwater tossed out the SEC case on the grounds that Cuban had not agreed in advance not to trade shares of Mamma.com stock after a confidential conversation with the company's Chief Executive Officer Guy Faure.
Cuban had been told the company planned to issue private shares to raise capital. But before the move became public, Cuban sold his company shares, avoiding a loss of $750,000, The Dallas Morning News reported Wednesday.
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Wed, 09/23/2009 - 01:07 by surajdogra
Washington -- The U.S. Securities and Exchange Commission said it may expand on allegations concerning Bank of America's purchase of Merrill Lynch in January.
Last week, federal Judge Jed Rakoff rejected a $33 million settlement between the bank and the SEC that concerned allegations that Bank of America misled shareholders when it purchased Merrill Lynch.
Faced with the perception the regulator was too soft on the bank, the SEC said it would "vigorously pursue our charges against Bank of America and take steps to prove our case in court," The Washington Post reported Tuesday.
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Thu, 08/13/2009 - 01:19 by surajdogra
Westport, Conn. -- The U.S. Securities and Exchange Commission intends to file insider trading charges against a Connecticut hedge fund, the company revealed to investors.
Pequot Capital Management sent a letter to investors telling them about the charges and possible penalties. The letter also said the pending charges are "without merit," The New York Times reported Wednesday.
Arthur Samberg said in May he would close the fund he runs if an investigation into its operations was reopened, the Times said. However, the letter sent Monday said the firm intends to "defend the matter vigorously."
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Thu, 08/06/2009 - 22:17 by surajdogra
New York -- Policy makers at the U.S. Securities and Exchange Commission have granted new subpoena power to its enforcement division, the policing unit director said.
Robert Khuzami, director of the regulator's enforcement branch, said the previous power to issue subpoenas only through the SEC's five commissioners has been extended to the enforcement division itself, creating a possibility for faster and, perhaps, more investigations, The Washington Post reported Thursday.
"If defense counsel resist the voluntary production of documents or witnesses, or fail to be complete and timely in responses … there will very likely be a subpoena on your desk the next morning," Khuzami said in a speech at the New York City Bar Association.
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Thu, 07/30/2009 - 01:41 by surajdogra
Detroit -- The U.S. Securities and Exchange Commission accused operators of the Billionaire Boys Club of running a $53 million Ponzi scheme.
The SEC said two Michigan men, John Bravata and Richard Trabulsy, promised investors annual returns of 8 percent to 12 percent, then used money from recent investors to pay older investors -- the definition of a classic Ponzi scam.
In the meantime, the pair lived large. Their personal holdings include a $6 million vacation home, a catamaran worth half a million dollars and a $120,000 Ferrari, The Detroit News reported Wednesday.
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Fri, 07/03/2009 - 22:46 by Salinder Kumar
New York -- Billionaire investor Warren Buffett gave $1.51 billion to four charities this week, a filing at the U.S. Securities and Exchange Commission shows.
Buffett has said he will give away most of his fortune to worthy causes. This year, he continued his practice of giving the bulk of his donations to the Bill and Melinda Gates Foundation, which received $1.25 billion worth of Berkshire Hathaway Inc. stock, the Omaha World-Herald reported Friday.
Foundations run by Buffett's three children each received $43.9 million worth of stock while the Susan Thompson Buffett Foundation, named for his late wife, was the beneficiary of $125.3 million, the filing said.
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