Daily Archives: September 26, 2008, 6:09 pm

Australia: Landmark ASIC Case Against Entire James Hardie Board and Executives Begins on Monday

In a landmark legal action, the Australian Securities and Investments Commission is pursuing civil penalties against the entire 2001 board of directors of James Hardie as well as three former executives, alleging that the defendants misled investors over James Hardie’s asbestos-related compensation payouts. Among the defendants are the former CEO Peter Macdonald, former CFO Peter Shafron, and the former chairwoman…

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Former Vice Chairman of ISE Pleads Guilty to Insider Trading-Related Charge

John Marshall, former vice chairman of the International Securities Exchange, pleaded guilty on Thursday to one count of conspiracy to commit securities fraud related to an alleged scheme to leak confidential information about the $2.8 billion takeover of the ISE in 2007.  Through his position at ISE, Marshall allegedly obtained nonpublic information about the pending deal and provided it to…

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Prosecutors in GenRe/AIG Case Peg Loss at up to $1.4 Billion

Prosecutors in the criminal case against four former General Reinsurance Corp. executives, including ex-CEO Ronald Ferguson, argued at a sentencing hearing in court yesterday that shareholders lost as much as $1.4 billion because of the fraud that led to the convictions of the insurance executives.  Bloomberg reports that if U.S. District Judge Christopher Droney agrees with prosecutors’ estimate, he may…

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Ballgame

After 118 years, it is reportedly the end of the line for law firm Heller Ehrman, as the firm will dissolve in a partnership vote today, according to The Recorder.  Legal Week reports that the firm held an “all hands” video-conference yesterday during which chairman Matthew Larrabee said that dissolution was unavoidable.  Employees were reportedly told they would be paid…

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