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Join the Securities Litigation and Enforcement Group on LinkedInNew Zealand: Shell Wins Nine Year Old “Insider Trading” Case But Must Pay 10-Digit Litigation Fees
A 1999 lawsuit against New Zealand’s Southern Petroleum that was later inherited by Shell as part of a takeover has finally been resolved in Shell’s favor. The claim, filed by a group of investors that alleged that their shares in gas and oil subsidiary Southern Petroleum were undervalued during a 1995 takeover by Fletcher Challenge Energy, was dismissed […]
Former Refco CEO Bennett Reports to NJ Federal Prison
Phillip Bennett, the former CEO of Refco, reported to the Federal Correctional Institute at Fort Dix in New Jersey yesterday to begin his 16-year sentence for his role in Refco’s financial fraud. The Times Online reports that after Bennett has served his sentence he will be deported to Britain. Refco went public in August 2005 […]
Securities Docket Announces Meteoric Growth of Sec. Lit. and Enf. LinkedIn Group
WASHINGTON, DC – September 4, 2008 – Securities Docket announced today that its new Securities Litigation and Enforcement Group on LinkedIn.com has experienced 1600% growth in the three days since its formation. “On Tuesday morning it was just me,” said Bruce Carton, editor of Securities Docket. “Now we’re up to 16 people. Our accountants are […]
Australia: Wingecarribee Shire Council Files $59 Million Subprime Claim Against Lehman Bros.
The Wingecarribee Shire Council in New South Wales has filed a $59 million claim alleging it was misled when Grange Securities sold it collateralized debt obligations (CDOs) that plummeted in value when the subprime crisis hit global credit markets last year. As reported by The Age, Grange has since been acquired by Lehman Brothers (LEH) […]
UK: Father and Son Insider Trading Defendants Seek Dismissal on Technicality
Neel and Matthew Uberoi, the father and son accused of criminal insider trading by the UK’s Financial Services Authority, today asked the court to dismiss the case on a procedural technicality. According to the Times Online, lawyers for the two asked the City of Westminster Magistrates Court to nullify the summons against them in the […]
SDNY Dismisses Securities Class Action Against China Life
China Life announced today that the US District Court for the Southern District of New York has dismissed the securities class action against it. The case was filed in 2004 by investors alleging that China’s biggest life insurer failed to disclose material information during its listing. Specifically, as reported by Reuters, the class action alleged […]
No Soup for You: Hundreds of Thousands of ARS Purchasers Left Out of Settlements
Although many of the large banks have announced high-profile plans or legal settlements to buy back auction-rate securities from investors, hundreds of thousands of individuals who bought these same products from smaller brokerage firms will not benefit. As reported in today’s WSJ, while the large banks have agreed to to buy back around $70 billion of ARS, these agreements […]