Securities giant Goldman Sachs & Co. will pay $550 million to settle a civil fraud case brought by the Securities Exchange Commission (SEC), charging that the company misled investors of complex mortgage-related investments. The fine is the largest against a Wall Street firm in the SEC’s history. $300 million will be paid to the federal [...]
President Barack Obama has signed into law sweeping financial reforms that mark the first major overhaul of financial regulatory protections for consumers since the Great Depression. The landmark legislation creates a consumer bureau to protect borrowers from lending abuses and gives the government broader authority to take over troubled financial firms. It also establishes a [...]
Insurance giant American International Group Inc. (AIG) has settled, pending court approval, a multi-million dollar class action case involving wide-spread securities fraud. The lawsuit alleged anti-competitive market division, accounting violations, and stock price manipulation by AIG. The lead plaintiffs in the class action lawsuit were the Ohio Public Employees Retirement System, State Teachers Retirement System of [...]
The U.S. Supreme Court has ruled against foreign investors attempting to apply U.S. securities law in a U.S.-filed suit. The court voted 8-0 that foreign investors cannot sue foreign or American firms for fraud or misconduct regarding securities traded on foreign exchanges. The case involved Australian investors who brought a securities fraud suit in U.S. [...]
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