The promised principal protection constituted a gross deception because the Lehman notes represented nothing more than unsecured loans by the investors to a financially faltering Lehman, according to the claims.
Allegations against the bank include fraud, fraudulent inducement and negligent misrepresentation over the sale of the securities, according to documents filed in New York State Supreme Court yesterday.
Nissan and Nugent have represented clients across a broad spectrum of sectors, including the manufacturing; entertainment; Internet; technology and software; consulting; and product distribution industries.
The accord would resolve a New York lawsuit claiming the bank's board, including former Chief Executive Officer Kenneth Lewis, had hidden how Merrill was headed toward an eventual $15.84 billion quarterly loss, even as it was paying $3.6 billion of b
Regulators also closed Inter Savings Bank in Maple Grove, Minn., Plantation Federal Bank in Pawleys Island, S.C., and Palm Desert National Bank in Palm Desert, Calif.
Senator Rand Paul is blocking an amendment to a U.S.-Swiss tax treaty, slowing Switzerland’s handover of data on thousands of Americans with bank accounts hidden from the U.S. Internal Revenue Service.
TD Bank also replaced the law firm, Greenberg Traurig LLP, which represented it during a January trial in which the bank was sued by investors who claimed it should have detected money laundering in accounts Rothstein held there.
Bank of America Corp. directors, who were sued by shareholders for allegedly paying too much for Merrill Lynch & Co., must defend a proposed $20 million settlement of the claims in federal court in New York.
The Securities and Exchange Commission today charged twin brothers from the U.K. with defrauding approximately 75,000 investors through an Internet-based pump-and-dump scheme in which they touted a fake “stock picking robot” that purportedly i
The Volcker Rule could negatively impact investing in bonds by leading to the creation of a two-tiered market for municipal bonds while also reducing liquidity for some corporate bonds, Snook said. It could also impact mutual fund investing, he said, by r