Wall Street critics were pleased to see JPMorgan admit that a breakdown in controls and leadership caused the losses, but the SEC still came under fire over fine print in the admissions and for letting high-ranking execs off the hook.
JPMorgan may be required to admit wrongdoing to settle U.S. Securities and Exchange Commission charges over its "London Whale" trading losses, but the agency on Tuesday made it clear that no admit, no deny settlements are still the norm.
Siding with lawyers at Paul Hastings, Wachtell, and Gibson Dunn, a divided California Court of Appeal rejected an attempt to punish a public company for ignoring a shareholder vote on executive compensation, in the latest test of Dodd-Frank "Say on Pay" legislation.
In a battle of letters, a lawyer for the Reserve Primary Fund says the SEC's commissioners vetoed a settlement. An SEC lawyer has denied that claim, stating that the parties never reached a settlement.
Manhattan U.S. District Judge Jed Rakoff, sitting by designation on the Second Circuit, found that Madoff's phony, phantom trades in securities counted as securities transactions under SLUSA--even if they weren't real.
Ted Frank of the Center for Class Action Fairness isn't giving up his fight to slash the $71 million plaintiffs lawyers fee recently awarded in the $590 million Citigroup shareholder settlement.
In the latest win for the National Credit Union Administration, financial institutions including Royal Bank of Scotland and Wells Fargo lost a bid to dodge claims that they duped Kansas-based U.S. Central Federal Credit Union into pouring hundreds of millions of dollars into residential mortgage-backed securities.
A state court judge in New York slammed plaintiffs lawyers for their conduct in a shareholder M&A class action and warned them not to bet on a big payday in the case.
In twin rulings issued on Tuesday, U.S. District Judge Robert Sweet in Manhattan dismissed securities fraud claims against financial firms that marketed and managed a $900 million collateralized debt obligation known as Pyxis ABS CDO 2006-1.