Legal / Fraud

Broker Sentenced in Muni 'Last Look' Bidding Case

The Justice Department announced that a former financial services broker was sentenced for his participation in involving investment contracts for the proceeds of municipal bonds. read more

Lenders to Pay $30MM Settlement to Le-Nature's Trustee

Law360 reported that a Pennsylvania bankruptcy judge approved a $30 million settlement between bottling company Le-Nature's and CIT and Krones AG. read more

Court Approves Hawker Beechcraft Disclosure Statement

Hawker Beechcraft said the U.S. Bankruptcy Court for the Southern District of New York approved its Disclosure Statement filed in connection with the company's Joint Plan of Reorganization. read more

November Commercial Bankruptcy Filings Up 10% From Last Year

Total bankruptcy filings in the U.S. for November 2012 decreased 12% compared to the previous year, according to data provided by Epiq Systems. The 664 commercial Chapter 11 filings in November 2012 were a 10% increase over the 601 commercial Chapter 11 filings in November 2011. read more

Compass Settles Le Nature’s Suit Against CIT, Krones

Trade publication Law 360 reported that Compass Financial settled a $14 million fraud and breach of contract suit against CIT Group and Krones AG as part of litigation over a scam that pushed bottling company Le Nature’s into bankruptcy. read more

Hawker Beechcraft, Lenders Agree to Extend Loan

Hawker Beechcraft and the majority of its lenders have reached an agreement to amend the terms of the company’s $400 million DIP financing until the end of February, a Dow Jones Newswires article said. read more

Law Firm to Investigate ICON Leasing Fund

Law firm David R. Chase announced its investigation of potential arbitration claims on behalf of investors in ICON Leasing Fund that purchased their investments through securities brokerage firms. read more

AP: Petters Bankruptcy Case Trustee Sues BMO Harris

The Associated Press reported that the bankruptcy trustee recovering money for victims of Tom Petters' $3.65 billion Ponzi scheme filed a lawsuit accusing a bank, since acquired by BMO Harris, of aiding the fraud by ignoring "astronomical" deposits. read more

October Total Commercial Bankruptcy Filings Down 16% Y/Y

Total commercial bankruptcy filings for October 2012 were down 16% from the same period in 2011, according to the American Bankruptcy Institute and Epiq Systems. read more

Krones to Pay $125MM for Role in Le-Nature's Fraud

U.S. Attorney David J. Hickton said that Krones has entered into a non-prosecution agreement for its role the Le-Nature's fraud. Krones will pay $15 million to the U.S. and $110 million to victims of the scheme. read more

WSJ: J.P. Morgan Nears SEC Settlement

The Wall Street Journal reported that J.P. Morgan Chase is close to a settlement with the SEC that would end one probe into how the company's Bear Stearns unit packaged and sold home loans to investors. read more

Creditors to Take Over Hawker Beechcraft After Sale Collapses

Hawker Beechcraft has filed an amended restructuring plan after its sale to Superior Aviation Beijing fell through. Now the creditors will take over the business jet manufacturer. read more

Reuters: BofA Employees Could Face Fraud Charges

Reuters reported that BofA employees could face civil fraud charges as part of a federal lawsuit accusing the bank of causing taxpayers more than $1 billion in losses by selling toxic mortgage loans to Fannie Mae and Freddie Mac. read more

Hawker Intends to Emerge From Chapter 11 as Standalone

Hawker Beechcraft said it intends to emerge from Chapter 11 as a standalone company. The company also announced it is no longer pursuing a transaction with Superior Aviation Beijing. read more

Court Approves Dewey Settlement With Partners, Estate

U.S. Bankruptcy Judge Martin Glenn has granted permission for a settlement between Dewey & LeBoeuf’s former partners and the law firm’s estate, valued at $71.5 million, a Reuters article reported. read more

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Terry Mulreany
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