Daily Archives: September 10, 2008, 11:28 pm

Subprime-Related Litigation Study: Securities Cases Most Common in Q2 2008

Navigant Consulting released a study today showing that 607 subprime-related cases were filed in federal courts over the 18 months though June 2008.  Of the 607 subprime-related cases, 310 were filed in the first six months of 2008 alone. The study showed that securities cases were the most common type of subprime-related cases in the second quarter of 2008, accounting…

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SEC’s Michael Dicke Promoted to Associate Regional Director for Enforcement

The SEC’s Michael Dicke has been promoted to the position of Associate Regional Director for Enforcement in the agency’s San Francisco Regional Office. The SEC announced today that Mr. Dicke will lead a staff of attorneys, accountants and other professionals who investigate and litigate federal securities law violations in Northern California, Oregon, Washington, Montana, Idaho, and Alaska. Mr. Dicke joined…

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Canada: Southwestern Resources Corp., Executives Settle Securities Class Actions for $15.5 Million

Vancouver-based Southwestern Resources Corp. has agreed to settle the securities class actions filed against it and others in British Columbia, Ontario and Quebec.  The company announced that under the settlement, Southwestern Resources Corp., its former President and CEO John Paterson, his wife Margaret Joan Paterson and their affiliates will pay a total of $15.5 million.  The Company estimated that its…

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Rosenthal Joins Patton Boggs from DOJ

Samuel Rosenthal, former chief of the appellate section of the DOJ’s criminal division, has joined Patton Boggs as a partner in its New York and Washington, D.C. offices.  The firm announced that Rosenthal will be head of the firm’s white collar practice in New York. Stuart Pape, managing partner of Patton Boggs, stated that “[a]dding Sam to our growing New…

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Mass. Sec. of State Galvin Settles ARS Investigation of Banc of America

Massachusetts Secretary of State William F. Galvin announced today that his office has reached a settlement in principle with Banc of America Investment Services Inc. and Banc of America Securities LLC (“Bank of America”) concerning ARS. As reported in the Boston Globe, Galvin’s office stated that the settlement calls for Bank of America to buy back all illiquid ARS, at…

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Distribution of $7.2 Billion Enron Settlement May Come in 2008

Dan Newman of Coughlin Stoia Geller Rudman & Robbins, the law firm leading the Enron securities class action settlement, stated Tuesday that the firm is hopeful that it can make a distribution to Enron shareholders of the $7.2 billion settlement fund before the end of the year.  He added that the order on Monday by U.S. District Judge Melinda Harmon approving a distribution plan is…

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