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‘Enforcement 40’ for 2020
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Kirby McInerney Appointed Lead Counsel in Wachovia Securities Class Actions
The law firm Kirby McInerney has been appointed lead counsel and the New York City Pension Funds as lead plaintiff in two class actions filed against Wachovia Corporation in the Southern District of New York, the firm announced on Wednesday. The cases allege that Wachovia and its executives misrepresented and failed to disclose Wachovia’s exposure […]
FBI, US Attorney’s Office and Other Feds Investigating WaMu Collapse
The FBI and the U.S. Attorney’s Office for the Western District of Washington are investigating the facts leading up to the failure of Seattle-based Washington Mutual to determine if any federal laws were violated, the Puget Sound Business Journal reports. The U.S. Attorney’s Office has reportedly assembled a task force that includes the FBI, the […]
Forbes: Financial Crisis Will Spawn “Next Great Mega-Litigation”
The current market turmoil will lead to the “next great mega-litigation,” a Forbes article predicts, “likely to rival the more than $12 billion spent cleaning up the Enron and WorldCom debacles.” “This is certainly a major litigation event,” Samuel Rudman of Coughlin, Stoia, Geller, Rudman & Robbins told Forbes. “There has already been a lot […]
Former General Counsel of UBS Settles ARS Insider Trading Case
David Aufhauser, former general counsel for UBS, has agreed to forfeit his entire 2008 incentive compensation of $6 million to settle a probe by the New York AG’s office on allegations of insider trading in the auction-rate securities market, according to the WSJ. Under the settlement agreement, Aufhauser will also reportedly pay a $500,000 fine […]
UK: Lord Goldsmith Warns Avalanche of Credit Crisis Litigation May Overwhelm London Court System
Lord Goldsmith QC, former attorney general of England and Wales, warned in an interview recently that the coming “avalanche of litigation arising from the credit crisis” may overwhelm the London court system. Lord Goldsmith, now European chair of litigation at Debevoise & Plimpton, fears that London’s reputation as a top center for the resolution of […]
Video: 60 Minutes Explores the Perils of Credit Default Swaps
60 Minutes takes a look at the complex but critical subject of credit default swaps, “the arcane Wall Street financial instruments that have magnified the economic crisis,” in this 12 minute video: Watch CBS Videos Online
DOJ Investigating Conduct of Lehman Brothers and Ex-UBS Executive in ARS Collapse
The DOJ is currently investigating whether Lehman Brothers Holdings defrauded clients and whether a former executive at UBS AG was involved in insider trading related to the collapse off the auction rate securities market, according to the WSJ. The investigations are reportedly are among the first to look at whether individuals committed crimes in the […]
Canada: Subprime Cases Slow to Emerge
As the Navigant Consulting study recently showed (discussed here), subprime litigation in the United States has surged, with the number of such suits filed (607) now surpassing the number of suits experienced in the savings and loan crisis. Canada, on the other hand, has seen far fewer subprime litigation cases: a total of two, to […]
Subprime Securities Class Actions Surging
The onslaught of subprime litigation that is now beginning includes a sizable securities class action component, Compliance Week reports. Although there is an entire spectrum of subprime-related litigation being filed now (“borrowers are suing lenders, investors are suing institutions that packaged and sold bad loans, shareholders are suing institutions that now are recognizing deep losses, […]
Report: SEC Preparing Enforcement Action Against RBC
The SEC is reportedly preparing an enforcement action against Royal Bank of Canada, Canada’s largest bank, as part of its investigation into the collapse of the $330-billion auction-rate securities market. The Financial Post reports that the bank is “at the top of the list for enforcement agents” at the SEC, stating that two officials at […]