Daily Archives: August 27, 2008, 5:40 pm

SEC Voluntarily Dismisses Manipulation Claim Against Masri

Nine years after alleging that Mexican business owner Moises Saba Masri engaged in the manipulation of securities, the SEC has decided to voluntarily dismiss its lawsuit against him with prejudice.  According to a presss release yesterday, the stipulation was initiated voluntarily by the SEC, and came in the absence of any settlement agreement.  Roger Crane, Masri’s counsel at Nixon Peabody LLP, stated…

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ARS Settlements With States May Undercut Private Litigation

The last couple of weeks have seen numerous announcements concerning major brokerage firms agreeing to buy back billions of dollars worth of outstanding auction-rate securities to settle regulatory investigations.  According to an article in the Legal Times by defense lawyers Michael Rivera and Erik Frias of the Fried Frank law firm, these agreements may effectively shut down pending and future private litigation…

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Mel Weiss’ Deal with Milberg

Melvyn Weiss, former founding partner of the Milberg Weiss law firm, must report to prison on Thursday after pleading guilty in June to charges that he paid kickbacks to investors who served as plaintiffs in securities class action lawsuits. He is slated to serve 30-month prison sentence at a minimum-security camp in Morgantown, West Virginia. Portfolio reports that last October,…

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