Daily Archives: May 13, 2009, 4:58 pm

WSJ: SEC Staff Issues Wells Notice to Angelo Mozilo

The SEC staff has issued a Wells notice to Angelo Mozilo, the co-founder of Countrywide Financial Corp., advising Mozilo that it intends to recommend that the SEC file civil fraud charges against him, the WSJ reports. The staff reportedly sent Mozilo the Wells notice several weeks ago. The WSJ reports that potential charges against Mozilo include alleged violations of insider…

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Head’s Up!!!

When Flemish shareholders of Fortis revolted at a heated meeting in Ghent, Belgium last month by throwing shoes, coins and even ballot boxes at Fortis board members, we were willing to dismiss it as an isolated incident. After today’s egg-throwing developments in Dublin, Ireland, however, we think it is time to declare a new, full-blown Eurotrend: shareholders venting their fury at corporations by throwing things at board members.

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Fourth Circuit Reverses Dismissal of Securities Class Action Against Janus Capital Group

On May 7, 2009, the U.S. Court of Appeals for the Fourth Circuit reversed a lower court ruling dismissing a securities class action against Janus Capital Group.  The Fourth Circuit held that plaintiffs’ claim against a subsidiary, Janus Capital Management, for violation of section 10(b) of the Exchange Act had been adequately pled, as was a claim against Janus Capital…

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Madoff Trustee Files Latest in Series of Lawsuits Seeking Return of Billions

The trustee overseeing the liquidation of Bernard L. Madoff Investment Securities brought a third lawsuit yesterday demanding the return of huge sums from investors that had extensive relationships with Madoff. The NYLJ reports that trustee Irving H. Picard (pictured) brought a $1.1 billion complaint on Tuesday against Harley International Ltd. claiming the firm “knew or should have known” that its…

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