Legal / Fraud

Caterpillar Found Guilty of Stealing Trade Secrets From UK-Based Supplier

The Wall Street Journal reported that Caterpillar was found guilty of stealing trade secrets from a UK-based supplier after an eight-week federal trial in Chicago. read more

J.P. Morgan to Pay $267 Million for Disclosure Failures

The SEC announced two J.P. Morgan wealth management subsidiaries have agreed to pay $267 million and admit wrongdoing to settle charges they failed to disclose conflicts of interest to clients. read more

WSJ: Federal Prosecutors Target RBS, J.P. Morgan Execs

According to the Wall Street Journal, federal prosecutors are pursuing criminal cases against executives of Royal Bank of Scotland and J.P. Morgan Chase for allegedly selling flawed mortgage securities. read more

Madoff Victims to Get $1.42B; $10.9B Recovered Thus Far

Reuters reported victims of Bernard Madoff’s Ponzi scheme can expect to receive $1.42 billion to help cover their losses. Reuters noted trustee Irving Picard has thus far recovered $10.9 billion of the $17.5 billion Madoff customers lost. read more

Former Regions Bank EVP Barred From Banking by Fed

On Monday, the Federal Reserve Board barred Thomas A. Neely Jr., the former executive vice president and business services credit executive of Regions Bank, from participating in the affairs of any insured depository institution. read more

Reuters: JPMorgan to Face ‘London Whale’ Class Action

Reuters reported JPMorgan Chase shareholders won court permission to pursue their secuuities fraud lawsuit against the bank of the “London Whale” trading scandal as a class action. read more

Baker Hughes Sued For Faulty Equipment

According to Bloomberg, a German natural-gas storage company is suing Baker Hughes, accusing the oil field service company of supplying defective safety valves. read more

Blank Rome Represents J.F. Lehman In Ravn Air Group Acquisition

Blank Rome acted as legal counsel to J.F. Lehman in its acquisition of the Ravn Air Group, the largest regional air transportation provider in Alaska. read more

DLL, Investor Victimized by $3.5MM Fraud Scheme

De Lage Landen and other investors were allegedly defrauded $3.5 million by Michael Conway, the president of Choice Office Solutions. read more

Reuters: GE Capital Ponzi Scheme Lawsuit Dismissed

Reuters reported that a federal judge dismissed a lawsuit brought by Ritchie Capital Management against GE Capital alleging of aid in a Ponzi scheme. read more

California Judge Denies Northern Leasing’s Motion to Dismiss

A California federal judge denied a motion to dismiss a RICO lawsuit from Northern Leasing and affiliate businesses brought on by business owners who claim that they were falsely persuaded into leasing credit card machines under undisclosed and onerous terms. read more

Former Citi Trader Gets 14 Years for Libor Rigging

The Irish Times reported that former Citi trader Tom Hayes was sentenced to 14 years in jail after he became the first person to be convicted by a jury of rigging Libor. read more

JPMorgan, Simpson Sued Over GM Loan Mistake

Bloomberg reported that one of the participants in a $1.5 billion term loan that JPMorgan Chase made to GM before its bankruptcy is now suing the bank and its lawyers at Simpson Thacher & Bartlett. read more

Proposed Warren Capital Settlement Could Close Case

According to the North Bay Business Journal, court appointed receiver Michael Kasolas proposed a $2.2 million dollar settlement to be disbursed among nearly 70 investors. read more

Suit Claims 22 Banks Manipulated Treasury Securities

In a complaint filed in the U.S. District Court in New York on Thursday, 22 banks were accused of manipulating the market for Treasury securities. read more

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.