New York Attorney General Sues Banking Giants Over Fraudulent Foreclosures

New York Attorney General Eric Schneiderman filed a lawsuit in a Brooklyn Supreme Court alleging that banking giants Bank of America, JP Morgan Chase, and Wells Fargo created and maintained a mortgage database and then used that information to institute defective foreclosure proceedings against home...
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Trial Update: Trial of Allen Stanford of Stanford Financial Group begins

The trial of R. Allen Stanford, a money manager and chairman of the now defunct Stanford Financial Group, began on Monday, January 23, 2012.  Stanford has been accused of running a $7.2 billion Ponzi scheme after being arrested in 2009 in Virginia.  As with most fraudulent Ponzi schemes, Stanford ...
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Breach of Fiduciary Duty: Faruqi & Faruqi, LLP Investigate the Buyout of Caliper Life Sciences, Inc

Faruqi & Faruqi, LLP, a national securities law firm based in New York City, has begun an investigation into the sale of Caliper Life Sciences, Inc. to PerkinElmer, Inc. The latter announced this past Thursday that it sought to acquire all of Caliper’s outstanding common stock for $10.50 per s...
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JPMorgan Attempts to Have $19 Billion Lawsuit Stemming From Madoff Scandal Thrown Out

JPMorgan Chase & Co. recently asked a judge to toss out a $19 billion lawsuit filed against it by Irving Picard, the trustee responsible for recovering funds from the Madoff investment scandal.  In support of its request, JPMorgan cited to a recent ruling in which U.S. District Judge Ratner thr...
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SEC Lawsuit Against JPMorgan results in $153.6 Million Settlement

One of the most significant legal actions involving Wall Street’s role in the 2008 financial crisis recently ended in settlement.  JPMorgan Chase & Co.  has agreed to pay $153.6 million to settle civil fraud charges brought against it by the SEC. The SEC lawsuit charged JP Morgan with mislea...
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New FINRA rule imposes new obligations on broker/dealers – self-reporting misconduct

Starting July 1, 2011, broker/dealers will be facing new reporting requirements of wrongdoings under FINRA Rule 4530.   The new rule will be expanding on a broker/dealers ongoing obligation to report external findings such as litigation and regulatory actions pursuant to NASD Rule 3070.   Specific...
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