Results for "lawsuits"

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Thinkorswim users hit TD Ameritrade with hefty arbitration claim

January 10, 2012

TD Ameritrade Inc. has been hit with an $8 million arbitration claim by a group of options traders who say they lost money last summer during final integration of the thinkorswim trading platform. The arbitration, filed late last month by two...

Corzine sued by Montana farmers over futures account money

January 10, 2012

Jon Corzine, former chief executive officer of collapsed commodity brokerage MF Global Holdings Ltd., was sued for fraud by Montana farmers who claim he oversaw the misappropriation of their commodity trading account funds. The lawsuit filed...

High-living broker Cliff Popper commits suicide in Florida

January 6, 2012

Cliff Popper, a broker notorious for high living and high commissions from sales of mortgage-backed securities, committed suicide Tuesday, according to a preliminary report from the Highland Beach (Fla.) Police Department. His body was found...

SEC's suit against Citigroup on hold

January 1, 2012

The Securities and Exchange Commission's suit against Citigroup Inc. will remain on hold while a federal appeals court considers whether to review a judge's rejection of a $285 million settlement in the case. In a series of rulings stemming...

B-D wants Supreme Court to rule on Finra suit

January 1, 2012

Can a brokerage firm sue Finra? That's a question one broker-dealer is asking the Supreme Court to consider. The high court this month is expected to decide whether to take up a lawsuit brought against NASD by Standard Investment Chartered Inc....

NFL's Kyle Orton sues Chicago law firm over investments

December 30, 2011

Kyle Orton, the National Football League player, sued a Chicago law firm alleging he and other investors suffered millions of dollars of losses from partnerships that failed to provide anticipated tax benefits. Orton, in a complaint filed yesterday...

Finra critic loses appeal of disciplinary case

December 29, 2011

Finra critic John Busacca has lost a court appeal of a disciplinary case that the regulator brought against him in 2006. The 11th U.S. Circuit Court of Appeals yesterday upheld a finding by a district committee of the Financial Industry Regulatory...

‘Unpersuasive' Citi must pay whopper of an award to former clients

December 22, 2011

A federal judge in Colorado yesterday upheld a huge arbitration award of $54.1 million to former clients of Citigroup Global Markets Inc. The claimants sued the bank in 2009 after sustaining losses from a series of municipal bond funds Citigroup...

SEC's court troubles in Citigroup settlement echo in Wisconsin

December 21, 2011

The U.S. Securities and Exchange Commission, facing growing judicial scrutiny over how it resolves enforcement matters, was asked by a federal judge in Milwaukee to provide a “factual predicate” for a proposed settlement with a company accused...

MetLife must defend lawsuit over retained asset checkbook

December 20, 2011

MetLife Inc., the largest U.S. life insurer, must defend a lawsuit by the beneficiary of a policy who claimed the insurer paid $302,000 to the wrong person. The suit was filed by Jose Herrera, who lived with his wife, Maria Diaz, until she died...

SEC appeals Rakoff's rejection of $285M Citigroup settlement

December 16, 2011

The U.S. Securities and Exchange Commission appealed a federal judge's decision to reject its proposed $285 million settlement with Citigroup Inc. The appeal, filed today in the U.S. Court of Appeals in New York, challenged U.S. District Judge...

SEC and SIPC ready to rumble over Stanford payouts

December 13, 2011

The SEC versus SIPC fight looks to be a slugfest. Late yesterday, the Securities and Exchange Commission asked a federal court in Washington, D.C., for an order directing the Securities Investor Protection Corp. to cover victims of R. Allen...

BNY Mellon sued for negligence over Madoff

December 12, 2011

Bank of New York Mellon Corp. was sued on behalf of three funds for negligence in connection with the Ponzi scheme run by convicted fraudster Bernard L. Madoff. Bank of New York Mellon and its BNY Alternative Investment Services unit, which...

Wells Fargo to settle muni bid-rigging case

December 8, 2011

Wells Fargo & Co. agreed to pay $148 million to settle criminal charges and civil claims for conspiring to overcharge state and local governments on investments, becoming the fourth bank to enter a settlement in the case. The deal will resolve...

Corzine sued by ex-MF Global employees over company stock

December 6, 2011

Monica Rodriguez and Cyrille Guillaume yesterday filed a class action against former MF Global Holdings Ltd. CEO Jon Corzine and 11 other senior executives and directors of the company. The suit was filed on behalf of all MF Global employees...

SEC may pursue out-of-court deals

December 4, 2011

The Securities and Exchange Commission appears likely to pursue more cases administratively as a result of a federal judge's decision last week to reject a $285 million settlement with Citigroup Inc. In the wake of the reversal, the SEC is also...

B-D to pay $2M to clients over Provident Royalties private placements

November 28, 2011

Next Financial Group Inc. has agreed to pay $2 million in restitution to clients who bought oil and natural gas private placements of Provident Royalties LLC, which the Securities and Exchange Commission in 2009 accused of fraud. According to...

Judge rejects Citigroup SEC mortgage securities accord

November 28, 2011

Citigroup Inc.'s $285 million settlement with the U.S. Securities and Exchange Commission over mortgage-backed securities was rejected by federal judge who said he hadn't been given enough facts to approve it. U.S. District Judge Jed Rakoff...

DeWaay says DBSI suits could sink firm

November 27, 2011

DeWaay Financial Network LLC, one of several broker-dealers being sued by the trustee for DBSI Inc.'s private-actions trust, may pay the ultimate price for selling the real estate firm's deals. Last month, claiming that bankruptcy looms, DeWaay...

Inside Joe Paterno's estate planning play

November 20, 2011

Joe Paterno's transfer of homeownership to his wife in July most likely wasn't an attempt to shield assets before a sexual-abuse scandal hit Pennsylvania State University's football program. Instead, the move was by the legendary coach more...

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