April 5, 2012

DeWaay gets reprieve from Iowa court

By Andrew Osterland

DeWaay Financial Network LLC, one of dozens of broker-dealers ensnared in litigation over private placement investments gone sour, got some momentary relief from the Iowa District Court for Decatur County on Thursday.Judge John Lloyd ruled to keep temporary restraining orders in place while he...

• alternative investments,
• independent broker-dealers,
• lawsuits

March 27, 2012

Oppenheimer fund solicitation challenged in investor lawsuit

The Oppenheimer Holdings solicitation allegedly overstated the value of holdings in the Global Resource Private Equity Fund, described in a private placement memorandum as a fund of funds intending to invest in natural resource-related companies.

• lawsuits,
• OppenheimerFunds Inc.,
• private-equity funds

March 26, 2012

Employers demanding FaceBook passwords could face the music

Senators want DOJ to investigate reports that businesses are asking job applicants to share social media passwords

• compliance,
• your practice

March 20, 2012

Ex-adviser Allen pleads guilty to insider trading

Faces up to 57 months in prison after admitting in court that he betrayed his fiduciary duty to his employers by passing the tips to his friend.

• lawsuits,
• registered investment advisers (RIA)

March 19, 2012

Mets owners may not pay any money in Madoff settlement

Mets owners' $162M settlement with Madoff trustees may be totally or partially offset by their own claims for $178M in losses

• fraud,
• lawsuits,
• Ponzi schemes

March 18, 2012

OSU, Pickens come up empty in insurance battle

By Darla Mercado

After a lengthy court battle, Lincoln National Life Insurance Co. will be permitted to keep $33 million in life insurance premiums it collected from an Oklahoma State University athletic fund program that eventually went bust. A March 9 decision by Judge Jorge A. Solis in the U.S....

• Insurance,
• lawsuits,
• Lincoln National Corp.

March 16, 2012

Morgan Keegan loses dismissal bid in $8B Fairfax suit

Morgan Keegan, the brokerage being sold to Raymond James Financial Corp., lost its bid to be dismissed from an $8 billion lawsuit brought by Canadian insurer Fairfax Financial Holdings Ltd.

• lawsuits,
• regional brokerages

March 16, 2012

Ex-Tyco chief Dennis Kozlowski now advising nonprofit

Convicted in 2005 of looting Tyco International, Dennis Kozlowski now participates in a work-release program where he works as a financial consultant for a non-profit organization that helps ex-convicts.

• lawsuits

March 11, 2012

Stanford's advisers face long, tough legal slog

By Dan Jamieson

The legal woes of R. Allen Stanford, who was found guilty on 13 of 14 charges of fraud by a Houston jury last week, may be over.

• broker-dealers,
• fraud,
• lawsuits

March 6, 2012

Lincoln National ordered to make good on insurance in heated Stoli case

By Darla Mercado

Judge finds for claimant in $5 million stoli benefits payment from Lincoln National Life

• Insurance,
• lawsuits,
• Lincoln National Corp.