Legal / Fraud

Brokers Charged in LIBOR Investigation

According to the UK’s Serious Fraud Office, Terry Farr and James Gilmour, former brokers at RP Martin Holdings, have been charged with offenses of conspiracy to defraud in connection with an investigation into the manipulation of LIBOR. read more

WSJ: U.S. Suit Against S&P Tentatively Allowed to Proceed

The Wall Street Journal reported that U.S. District Judge David O. Carter said he would tentatively allow the Justice Department's lawsuit against S&P to move forward. read more

Bloomberg: S&P to Argue 'Puffery' Defense

Bloomberg reported that S&P will defend itself in the government's fraud case against the ratings agency by arguing reasonable investors would not have relied on its “puffery” about credit ratings. read more

Bloomberg: U.S. Wants S&P Case to Go to Trial in Early 2015

Bloomberg reported that the U.S. Justice Department is seeking a trial in February 2015 in its lawsuit against S&P over ratings on residential mortgage-backed securities. read more

Attorney Wurst Testifies Before ABI on Chapter 11 Reform

Attorney and Monitor contributor Jeffrey Wurst testified before the American Bankruptcy Institute Commission to Study the Reform of Chapter 11. The ABI invited Wurst to testify in response to his recent article in Monitor sister publication ABF Journal "Is Chapter 11 Still a Viable Option?" read more

Reuters: S&P Wins Ruling to Transfer Ratings Lawsuits

Reuters reported that S&P and its parent company McGraw Hill Financial won a ruling that moves 15 lawsuits in which they were accused of fraudulently inflating credit ratings to a single federal court. read more

SEC Charges PACCAR, PFC for Accounting Deficiencies

The SEC announced it charged PACCAR and its subsidiary, PACCAR Financial, for various accounting deficiencies that clouded their financial reporting to investors in the midst of the financial crisis. read more

Federal Judge Approves Dewey Mismanagement Settlement

Reuters reported that a federal judge approved a settlement that requires the insurer and former chairman of defunct law firm Dewey & LeBoeuf to pay $19.5 million to resolve claims that leaders mismanaged the firm. read more

SEC Charges South Miami with Muni Bond Fraud

The SEC charged the city of South Miami, FL with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. read more

DLL Files Lawsuit Against Element Financial (USA)

De Lage Landen said it has commenced litigation against Element Financial (USA) and a senior officer of Element alleging that the senior officer gained access to DLL’s computer system without DLL’s consent or knowledge. read more

Cat, Mining Machinery Reach Siwei Acquisition Settlement

Caterpillar and Mining Machinery announced that they have resolved all outstanding issues between them arising out of Caterpillar's acquisition of ERA, including its wholly-owned subsidiary Zhengzhou Siwei Mechanical & Electrical Manufacturing. read more

American Airlines Receives Court Approval for $3.25B Loans

Bloomberg reported that AMR Corp., the parent of American Airlines, received court approval to borrow as much as $3.25 billion towards its emergence from bankruptcy. read more

Bank of America Agrees to Settle With MBIA

Bank of America announced a settlement with MBIA to resolve all claims between the parties. As part of the settlement, BofA will pay MBIA $1.6 billion in cash, which will have the A/T effect of reducing Q1/13 net income from $2.6 billion to $1.5 billion. read more

HP Shareholders File Lawsuit Over Autonomy Acquisition

Bloomberg reported that HP shareholders have filed a lawsuit claiming that the company’s executives and advisers were involved in a massive breach of their fiduciary duties as regarding the acquisition of UK-based Autonomy. read more

Clifford Chance Adds Aviation Finance Partner

International law firm Clifford Chance announced that Emily DiStefano has joined the firm as an asset finance partner in New York, further bolstering the firm’s aviation finance practices. read more

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