DeWaay Financial Network LLC, one of several broker-dealers being sued by the trustee for DBSI Inc.’s private-actions trust, may pay the ultimate price for selling the real estate firm’s deals. Last month, claiming that bankruptcy looms, DeWaay asked a federal judge in Delaware for a temporary injunction to halt eight arbitration claims that investors have […]
A federal judge in New York on Monday threw out a settlement between the Securities and Exchange Commission and Citigroup over a 2007 mortgage derivatives deal, saying that the S.E.C.’s policy of settling cases by allowing a company to neither admit nor deny the agency’s allegations did not satisfy the law. The judge, Jed S. […]
Summary Arbitration Statistics October 2011 New Case Filings through October: 2009 2010 2011 2011 vs 2010 6,114 4,768 4,033 -15% Number of Cases Closed through October: 2009 2010 2011 2011 vs 2010 3,683 5,129 5,196 -1% Turnaround Time* (in months) through October: 2009 2010 2011 2011 vs 2010 Overall 11.5 12.5 14.2 14% […]
The Securities and Exchange Commission today filed an emergency enforcement action to stop a fraudulent scheme targeting investors seeking coveted stock in Internet and technology companies like Facebook and Groupon in advance of a public offering. The SEC alleges that Florida resident John A. Mattera and several other individuals carried out the scam using a […]
The Securities and Exchange Commission announced that the Honorable Deborah A. Batts of the United States District Court for the Southern District of New York entered final judgments against Dr. Joseph F. Skowron III and Dr. Yves M. Benhamou in the SEC’s insider trading case, SEC v. Joseph F. “Chip” Skowron III, et al., Civil Action […]