Wells Fargo & Co. plans to pay $590 million to settle a class action lawsuit regarding Wachovia preferred securities and debt, the company said Friday. The 2009 class action case was filed in a federal court in New York City …
Accounting debacles at U.S.-listed Chinese companies have prompted a surge of securities fraud lawsuits, but investors might have trouble recouping their losses even if they win. More than one-fourth of the 94 U.S. securities fraud lawsuits seeking class-action status and …
Boston-based Liberty Mutual Insurance Co. and several of its subsidiaries have sued investment banker Goldman, Sachs & Co. for “making materially misleading statements and omissions” in a preferred stock offering of mortgage lender Freddie Mac in November 2007. The insurers …
MBIA Inc. may pursue a lawsuit accusing Bank of America Corp.’s Countrywide Financial unit of fraudulently misleading it about mortgage securities it insured, costing at least $1.4 billion. A New York state appeals court in Manhattan agreed with a lower …
Bank of America Corp. is close to a deal to pay $8.5 billion to settle claims from a group of powerful investors that lost money on mortgage-backed securities, a person familiar with the matter said Tuesday. The deal could embolden …
In a major victory for victims of Allen Stanford’s alleged Ponzi scheme, U.S. regulators have concluded that they should be compensated by a brokerage industry-backed fund. The decision announced Wednesday by the U.S. Securities and Exchange Commission comes nearly two …
Janus Capital Group Inc. and a subsidiary cannot be held liable in a lawsuit by shareholders over allegedly false statements in prospectuses for several Janus mutual funds, the U.S. Supreme Court ruled Monday. By a 5-4 vote in a narrow …
Angelo Mozilo, the former Countrywide Financial Corp. chief executive, urged a federal judge to throw out Allstate Corp.’s lawsuit seeking to hold him responsible for losses on toxic mortgage debt it bought. The largest publicly traded U.S. home and auto …
Citigroup Inc. officials, including Chief Executive Vikram Pandit, won the dismissal of a shareholder lawsuit accusing them of turning a blind eye to the increased mortgage risks the bank was assuming in 2007. U.S. District Judge Sidney Stein in Manhattan …
The U.S. Supreme Court considered Monday whether to make it more difficult for shareholders to proceed with certain class-action securities-fraud lawsuits against publicly traded companies. The hour-long arguments before the justices in the case comes at a time when dozens …
