Legal / Fraud

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

Wells Fargo in $105M Settlement with Medical Capital

Zacks Equity Research reported that Wells Fargo has agreed to pay $105 million to settle a lawsuit filed against it by Medical Capital Holdings that alleged the bank failed to protect investors against fraud. read more

K&L Gates' Malpractice Suit in Le-Nature's Case to Proceed

Law360 reported that the PA Supreme Court declined to review a ruling that revived a $500 million malpractice suit against K&L Gates for failing to uncover criminal fraud in the Le-Nature’s case. read more

JPMorgan Faces New Lawsuit Over 'Whale' Losses

Reuters reported that a Missouri pension fund has sued JPMorgan Chase executives and board members over $6.2 billion in trading losses that were revealed last year. read more

Wurst Named College of Commercial Finance Lawyers Fellow

Law firm Ruskin Moscou Faltischek said Jeffrey Wurst, shareholder and chair of its Financial Services Banking and Bankruptcy Group, was elected as a fellow of the American College of Commercial Finance Lawyers. read more

Bloomberg: Moody’s CDO Grades in S&P Suit Almost 'Identical'

Bloomberg reported that Moody’s issued "virtually identical" grades on the same CDOs that prompted the DOJ to sue Standard & Poor’s. read more

WSJ: S&P Seeks to Merge State Suits Into One

The Wall Street Journal reported Standard & Poor's wants to pull 17 lawsuits against the ratings service by state attorneys general into a single lawsuit in federal court. read more

Reuters: McGraw-Hill Stock Finds Fans After S&P Fraud Lawsuit

Reuters reported that the immediate impact to the stock valuations of credit ratings agencies from the U.S. government's $5 billion civil fraud suit against Standard & Poor's appears to be wearing off. read more

Northern Leasing Issues Statement on AG Settlement

In a letter to the Monitor, Northern Leasing issued a statement regarding the company’s settlement with the NY Attorney General. read more

Sentence of Former LeNature's Executive Upheld

The Pittsburgh Tribune-Review reported that a federal appeals court has refused to reduce the 15-year prison sentence of a former executive of LeNature's. read more

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