Legal Updates
NY AG Accuses UBS of Auction Rate Securities Fraud
Thursday, July 24, 2008
On July 24, 2008, New York Attorney General Andrew Cuomo filed a civil lawsuit against UBS AG (VTX:UBSN.VX), accusing the Swiss bank of deceptively steering customers into auction-rate securities that this year became impossible to cash out of amid the credit crunch. The suit, filed in New York state court,…
JPMorgan Buyout of Bear Stearns Approved
Friday, May 30, 2008
On May 29, 2008, JPMorgan Chase & Co. (JPM) was granted approval for its government-arranged fire-sale purchase of Bear Stearns Cos. (BSC), shuttering the 85-year-old Wall Street giant and putting a projected 60% of Bear Stearns' 14,000 employees out jobs. Nearly 84% of Bear Stearns' shareholders voted to approve the…
SEC to Review Bear Stearns Trading Data
Wednesday, May 28, 2008
On May 28, 2008, Bear Stearns Cos. announced plans to turn over documents to securities regulators showing that several financial giants, including Goldman Sachs Group Inc., Citadel Investment Group and Paulson & Co., slashed their exposure to the securities firm in the weeks before its collapse. The SEC, as part…
UBS Compensates Auction Rate Securities Losses
Friday, May 16, 2008
On May 8, 2008, two divisions of Zurich, Switzerland-based UBS AG agreed to pay 19 Massachusetts local governments and public agencies more than $35 million to compensate them for auction-rate securities losses. The agreement comes three months after the Massachusetts attorney general's office began investigating allegations that UBS Financial Services…
Latest Lawsuit Claims Bear Stearns Fraud
Monday, April 14, 2008
H. Roger Wang, a Beverly Hills billionaire has accused Bear Stearns Cos. of deceiving his wife and him into purchasing 150,000 shares of the struggling brokerage's stock, including 100,000 shares on March 14, 2008, the day that federal officials first intervened to keep the firm from tumbling into bankruptcy. The…
First-Quarter Bear Stearns Report Postponed
Friday, April 11, 2008
On April 10, 2008, Bear Stearns Cos. (BSC) announced the filing of its fiscal first-quarter results would be delayed as a result of disruptions caused by its buyout agreement with JPMorgan Chase & Co. (JPM). In a filing via the Securities and Exchange Commission (SEC), the investment bank said it…
