Judge Grants Class-Action Status to Price-Fixing Suit Against Babies “R” Us
Babies “R” Us customers suing the retailer for allegedly conspiring with product makers to keep Internet retailers from discounting products have been granted class-action status by a federal court judge.
Continue →Bank of America to Pay $33 Million Fine for Misleading Investors
Bank of America Corp. will pay a $33 million penalty for misleading hundreds of thousands of investors about executive bonuses to be paid to Merrill Lynch executives when the bank acquired the ailing financial firm last year.
Continue →Madoff Gives Details of Fraud
With Bernard Madoff sentenced and sitting in a jail cell, the mastermind of a Ponzi scheme on July 28, 2009 finally opened up about how he defrauded so many individuals. A lawyer for victims of Bernard Madoff’s Ponzi scheme says the financier told him during a 4 1/2-hour prison interview plenty of details about the fraud, including how it took place and how securities regulators missed catching him. The victims’ lawyer said he planned to use what he learned from …
Continue →Morgan Stanley Agrees to $500,000 Fine for Lying to Investors
Investment broker Morgan Stanley has agreed to pay $500,000 in fines for lying to customers at its Nashville office about financial relationships the brokerage had with other money management firms it recommended to clients.
Continue →Obama: Wall Street Bonuses During Recession Are “Shameful”
In the wake of the deepest and swiftest financial downturn in the history of the United States, the fact that Wall Street firms continue to hand out massive bonuses to executives is “shameful,” according to President Obama. The President said that such moves were “the height of irresponsibility” before heading behind closed doors for a meeting with new Treasury Secretary Timothy Geithner and Vice President Joe Biden. Obama said that financial firms at the center of the nation’s economic meltdown …
Continue →UnitedHealth Group $50 Million Settlement: Just the Tip of the Iceberg?
UnitedHealth Group, which provides health insurance coverage for an estimated 26 million Americans, has agreed to pay $50 million to settle accusations that the company intentionally overcharged millions of policy holders.
Continue →Former NASDAQ Chairman Madoff Arrested for Massive Investment Fraud Scheme
A longtime Wall Street insider has been arrested on charges he was the mastermind of what federal investigators are calling the largest investment fraud scheme ever carried out by a single person. Bernard L. Madoff, 70, was charged in December 2008 with securities fraud in connection with a criminal operation that cost investors more than $50 billion, according to authorities. Madoff is the founder of Bernard L. Madoff Investment Securities LLC., a leading Wall Street securities firm, but the alleged …
Continue →Bad Investment Advice and Illegal, Unethical Actions by Stock Brokers Blamed for Investor Losses
Securities brokers, investment advisors, and other financial industry professionals who give bad investment advice or engage in illegal or unethical conduct in their dealings with clients cost investors millions of dollars each year. Brokers who invest their clients in overly risky or unsuitable investments or violate federal laws or industry ethical standards may face civil or criminal penalties. In many cases, defrauded investors are able to recover their financial losses by taking legal action against the broker or the brokerage …
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