December 28, 2014
by Bradley McAllister
The City of Providence, Rhode Island filed a class action suit against Brazil's state-run oil company Petrobras on Wednesday in the US District Court for the Southern District of New York. The complaint alleges Petrobras engaged in a fraudulent scheme to inflate the value of the company's net ...[read more]
July 2, 2014
by Peter Snyder
A judge for the US District Court for the Southern District of New York on Tuesday dismissed two securities fraud counts against Rengan Rajaratnam, the brother Raj Rajaratnam, the founder of the now defunct Galleon Group. US District Judge Naomi Reice Buchwald ruled that a reasonable jury would ...[read more]
June 23, 2014
by Jaclyn Belczyk
The US Supreme Court on Monday limited shareholders' class action suits for securities fraud. In Halliburton Co. v. Erica P. John Fund, Inc., the court declined to overturn its 1988 decision in Basic Inc. v. Levinson. Halliburton Co. has faced numerous lawsuits concerning allegations the company ...[read more]
April 10, 2014
by Theresa Donovan
The US Securities and Exchange Commission (SEC) on Wednesday charged Hewlett-Packard (HP) with violating the Foreign Corrupt Practices Act (FCPA) by making improper payments to various government officials in order to obtain or keep contracts within certain countries. The US Department of Justice ( ...[read more]
March 6, 2014
by Cynthia Miley
The US Supreme Court heard oral arguments Wednesday on class certification procedures in stock and securities fraud litigation. In Halliburton Co. v. Erica P. Johnson Fund, Inc. the court will decide whether the Fifth Circuit's ruling is contradictory both to prior Supreme Court precedents and to ...[read more]
February 14, 2014
by Stephen Adelgren
The US Court of Appeals for the Ninth Circuit issued an opinion on Thursday reinstating a shareholder class-action lawsuit against BP Alaska for securities fraud after the case had been dismissed by a lower federal court. The case had been dismissed for inadequate pleading in the lower court. On ...[read more]
February 13, 2014
by Arjun Mishra
02/10/2014: Better Markets sued DOJ over JP Morgan settlement. 02/04/2014: JP Morgan Chase paid 614 million in mortgage lending settlement. 01/31/2014: New York judge approved Bank of America settlement over mortgage-backed securities. 10/25/2013: US government reached 51 billion settlement ...[read more]
March 26, 2013
by Julie Deisher-Edwards
Rengan Rajaratnam, younger brother to former Galleon Group hedge fund manager Raj Rajaratnam, on Monday pleaded not guilty to charges of conspiring with his brother to trade on non-public information concerning Clearwire Corporate and Advanced Micro Devices Incorporated in 2008. Rengan was ...[read more]
February 28, 2013
by Julia Zebley
The US Supreme Court ruled unanimously in Gabelli v. Securities and Exchange Commission that the statute of limitations under 28 USC § 2462 begins tolling when the fraud occurs, not when it is discovered. Chief Justice John Roberts delivered the opinion of the court. The federal government ...[read more]
February 21, 2013
by Brandon Gatto
Lockheed Martin Corp. (Lockheed) on Wednesday agreed to pay $19.5 million to settle a fraud class action claim alleging that the advanced technology company misled investors in violation of the Securities Exchange Act of 1934 (Exchange Act). Brought by the City of Pontiac General Employees' ...[read more]

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