The reported deal would be the largest ever to resolve federal government claims against a single company.
Robbins Geller Rudman & Dowd secured the record judgment in its long-running securities fraud class action against Household International Inc., a unit of British banking giant HSBC Group.
Ernst & Young, represented by Latham & Watkins, agreed to pay $99 million to resolve claims that it encouraged securities fraud by Lehman Brothers, bringing an end to multidistrict litigation over the defunct investment bank's securities offerings.
The U.S. Supreme Court declined on Monday to hear arguments by the world's biggest banks that the Federal Housing Finance Agency waited too long to sue them over losses on $200 billion in mortgage-backed securities.
Two years after its much-hyped debut, the U.S. Securities and Exchange Commission's Office of the Whistleblower has awarded its first big bounty. Lawyers say the size of the award, as well as the steps the SEC took the protect the anonymity of the whistleblower, will entice others to come forward.
Pamela Chepiga of Allen & Overy and solo practitioner John "Sean" Coffey contend that the U.S. Securities and Exchange Commission's high-profile case against former Goldman Sachs trader Fabrice Tourre should have unraveled on a single failed claim.
The SEC lost its bid for substantial penalties or a new trial against executives of the Reserve Primary Fund, the money-market fund that "broke the buck" in September 2008.
In five years, Sirius XM Radio has gone through a major merger, a near-bankruptcy and a creeping takeover by Liberty Media. If you think that sounds like a recipe for shareholder litigation, you're absolutely right. But the company's defense lawyers keep spoiling the fun.
With Standard & Poor's facing worsening litigation woes, plaintiffs lawyers at Robbins Geller hoped to resuscitate a securities fraud case that Cahill Gordon already knocked out twice last year. This week a judge refused to give the plaintiffs another shot.