The SEC has settled 286 cases with individuals in the first half of its 2012 fiscal year, a pace that puts the agency on track for a 20 percent jump in individual settlements over fiscal 2011.
Oddo Asset Mgmt. v. Barclays Bank (N.Y.)
OPINION – The New York Court of Appeals has upheld the dismissal of a lawsuit against Barclays Bank and Standard and Poor’s over the alleged dumping of toxic mortgage-backed securities into two structured investment vehicles, finding that no fiduciary duty was owed to the SIVs’ investors.
S.E.C. v. Abbondante (D. N.J.)
OPINION - Respondent, a former securities representative of Chase Investment Services Corp. was sanctioned by the NASD and subsequently by the SEC but failed to make payments; SEC was not required by sec. 21(f) of the Exchange Act to await action by the NASD as a Self-Regulating Organization.
Shenk v. Karmazin (S.D.N.Y.)
MEMORANDUM ORDER - Shareholder suit alleged executives negotiating merger between Sirius Satellie Radio, Inc. and XM Satellite Radio Holdings, Inc. engaged in self-dealing, securities fraud and other transgressions. All claims were dismissed, and pay package for CEO was justified by successful merger.
The charges come roughly two months after LightSquared, a wireless telecommunications upstart backed by Philip Falcone's hedge fund, Harbinger Capital Partners, filed for bankruptcy.
The settlement resolves criminal and civil charges that the software company bribed JP Morgan executives to obtain $12 million in contracts, federal prosecutors said.
New York's highest court upheld the dismissal of a lawsuit over two failed structured investment vehicles that held subprime mortgage-backed securities.
The bank will pay U.S. and British authorities over a probe into manipulation of the key interbank lending rate.
The traders, who work in the open-outcry pits, are fighting to preserve a tradition of settling futures prices for crops based on transactions executed on the historic trading floor.
Tai Nguyen says he shared "material non-public information" with hedge fund manager Samir Barai and a former analyst at Steven A. Cohen's SAC Capital Advisors LP, Noah Freeman.
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