Securities lawyers were not quite as busy during the second quarter of 2009 as lawsuits plummeted from 221 during the first quarter to 140, according to Advisen’s Master Significant Case and Action Database data.
Wachovia Bank did not violate the Employee Retirement Income Security Act (ERISA) when it sent a form letter to investors notifying them of a fund's merger with another fund, a court ruled.
Northern Trust faces yet another suit over its securities lending program as fiduciaries of Lockheed Martin Corp.'s defined contribution plans filed a lawsuit June 23 in the U.S. District Court for the District of Maryland.
Spector Roseman Kodroff&Willis, P.C., filed another class action against Austin Capital Management Ltd. for millions of dollars of losses due to improper investments in securities controlled by Bernard Madoff and his company.
Banc of America Securities and its broker/dealer arm will return more than $3 billion to investors in California to settle alleged violations of the sales of auction-rate securities (ARS).
The Securities and Exchange Commission (SEC) said it finalized settlements with Bank of America, RBC Capital Markets, and Deutsche Bank over charges that the firms misled investors regarding the liquidity risks associated with auction rate securities (ARS) that they underwrote, marketed, or sold.