Legal / Fraud

SEC Charges City of Miami With Muni Bond Offering Fraud

The SEC said it has charged the city of Miami and its former budget director with securities fraud in connection with several municipal bond offerings and other disclosures made to investors. read more

McKenna Advises Element Financial on Truck Leasing Acquisition

McKenna Long & Aldridge announced it advised Element Financial in its acquisition of Bush Truck Leasing from its founder, Michael Bush. read more

City of Detroit Files Largest Muni Bankruptcy in History

The Detroit Free Press reported that the City of Detroit has filed for Chapter 9 bankruptcy protection, ranking the event as the largest municipal bankruptcy in U.S. history. read more

Reuters: Judge OKs U.S. $5B Fraud Suit Against S&P

Reuters reported that a U.S. federal judge has ruled that the U.S. government may pursue its $5 billion civil fraud lawsuit accusing S&P of misleading investors by inflating credit ratings. read more

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

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