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Securities Class Action Against Authentidate Dismissed With Prejudice
Authentidate Holding Corp. (ADAT), announced last week that the United States District Court for the Southern District of New York dismissed with prejudice the shareholder class actions filed against the company and certain current and former directors and former officers in 2005. The company stated that it did not know if the plaintiffs intended to […]
Stanford Financial Group’s Pendergest-Holt Files Malpractice Claim Against Lawyer Who Allegedly “Dropped Her in the Grease”
Laura Pendergest-Holt, Stanford Financial Group’s chief investment officer, filed a $20 million malpractice lawsuit on Friday against an outside lawyer for the company who accompanied her to SEC testimony on February 10. Within days of the testimony, as discussed here, the lawyer had withdrawn from the case altogether and Pendergest-Holt had been both sued by […]
Securities Docket News Wire for March 28, 2009
Lawyer who withdrew from Stanford case sued for malpractice. http://is.gd/prJs # UK’s Serious Fraud Office broadens investigation to Madoff feeders. http://tinyurl.com/chzxwv # SEC Announces Distribution of $60 Million Fair Fund to MBIA Investors Harmed by Accounting Fraud. http://tinyurl.com/c75n2t # AIG Directors Sued to Force Immediate Return of Total Bonuses. http://tinyurl.com/cf9phw #
Securities Docket News Wire for March 27, 2009
Web Watch: Best Blog Posts and Columns For the Week Ending Mar. 27. http://is.gd/pjVH # Executive Gets 30 Year Sentence in $1.9 Billion Fraud Case. http://is.gd/pjuU # Insurance Losses from Madoff Scheme May Approach $2 Billion. http://is.gd/piTf # SIPC President Says $2.6 Billion Will Cover all Legitimate Madoff Claims; Victims Disagree With Formula Used. http://is.gd/pizJ […]
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Web Watch: Best Blog Posts and Columns For the Week Ending Mar. 27
Here is the weekly summary for Securities Docket’s Web Watch (”This Week’s Best Blog Posts and Columns”): SCOTUSBLOG (March 27, 2009): Argument Recap: Yeager v. US At Monday’s oral argument in Yeager v. United States, the Supreme Ct. wrestled with claims of double jeopardy by a former Enron VP. THE RACE TO THE BOTTOM (March […]
The Bernard Madoff Trading Card
The Topps Company, known for decades for its baseball cards, will be issuing a series of 2009 trading cards this summer featuring the “world’s biggest hoaxes, hoodwinks and bamboozles.” Among those featured in this set will be Bernard Madoff, Charles Ponzi, The Runaway Bride, and Enron. According to Topps, “these cards feature 20 perpetrators of […]
Insurance Losses from Madoff Scheme May Approach $2 Billion
Aon Benfield has developed a $1.8 billion best estimate of direct insurance losses that could be paid out on behalf of asset management firms, banks and other firms being sued as a result of the Madoff scandal. Stephen Mildenhall, head of Aon Benfield’s Actuarial and Enterprise Risk Management practice, stated at the Professional Liability Underwriting […]
SIPC President Says $2.6 Billion Will Cover all Legitimate Madoff Claims; Victims Disagree With Formula Used
Stephen Harbeck, president of the Securities Investor Protection Corp., has now stated that the $2.6 billion SIPC has on hand is enough to satisfy all legitimate claims by victims of Bernard Madoff’s Ponzi scheme. Bloomberg reports that Harbeck’s position is based on a formula with which Madoff investors take great issue. SIPC’s decision, first announced […]
UK’s FSA Obtains First-Ever Criminal Convictions for Insider Trading
In the UK, Christopher McQuoid, former general counsel of TTP Communications, and his father-in-law, James Melbourne, were both found guilty on one count of insider dealing by the Southwark Crown Court. The case marks the first criminal conviction for insider trading ever obtained by the UK’s Financial Services Authority (FSA), the Times Online reports. The […]