Testimony Claims Gundlach Discussed PIMCO, WAMCO Offers
Recent court testimony claims bond fund star Jeffrey Gundlach spent his last months at the company claiming he had job offers from PIMCO and Western Asset Management.
Regulation
CalPERS Settles With Fitch Over 'Negligent Misrepresentations'
The largest public pension fund in the US has settled a lawsuit with Fitch Ratings over claims that it, as well as Moody's Investors Service and Standard & Poor's, assigned inaccurate ratings that resulted in massive losses.
Ohio Pensions: Federal Rule Denies Us Rightful Fannie Payment
Two Ohio public pensions are asking a judge to disallow federal agency rules that would potentially subordinate their claims in a lawsuit against Fannie Mae.
Moody's Lowers Japan's Rating; No Shock to Investors
Moody's downgrade of Japan's sovereign debt may seem unexpected, but investors are not surprised by the decision.
TCW CEO Says Firing Gundlach Amounted to 'Cutting off Your Right Arm'
Trust Company of the West (TCW) CEO Marc Stern told a California Superior Court jury that he had no choice but to fire his chief investment officer, Jeffrey Gundlach, in December 2009.
SEC Accused of Hiding Wall Street Wrongdoings
Senator Chuck Grassley (R., Iowa) has asked the Securities and Exchange Commission to account for serious allegations that case-related document destruction may have compromised enforcement in cases involving activity at large banks and hedge funds during the financial crisis.
Madoff Trustee Sues ADIA for $300 Million
The trustee charged with recovering funds for victims of Bernard Madoff's Ponzi scheme has sued the Abu Dhabi Investment Authority (ADIA), alleging it received $300 million from a major Madoff feeder fund.
Florida Pension Sues BNY Mellon for Overcharging State
BNY Mellon has been accused by Florida of allegedly failing to give the state the best prices when making foreign currency trades for their state pension funds.
SEC Sues Brokerage Firm for Allegedly Defrauding Wisconsin School Districts
Federal regulators are accusing brokerage firm Stifel Nicolaus & Co. of civil fraud in its sales of risky complex investments to five Wisconsin school districts, which lost all of the $200 million they invested.
Connecticut Court Rules Town Cannot Seek Money Madoff Lost
Connecticut's second-highest court ruled 3-0 that the town of Fairfiled was indirectly affected by actions of two partners in an investment firm accused of conspiring with the disgraced Bernie Madoff.
Wells Fargo Settles With Wachovia Investors for $590M
Wells Fargo & Co. says it has agreed to pay $590 million to settle a class-action lawsuit filed by investors in Wachovia securities.
Rep. Spencer Bachus Criticizes SEC for Being 'Flawed and Inefficient'
US Representative Spencer Bachus has said he is planning legislation to restructure the U.S. Securities and Exchange Commission in order to implement changes recommended by the agency’s inspector general, the Government Accountability Office and a consultant’s report mandated by the Dodd-Frank Act.
China Mandates That Firms Get Bondholder Approval on Restructuring
As China's debt booms while the country aims to contain default risk, Chinese firms must now obtain approval from bond investors before they restructure their assets.
Was Hedge Fund Falsely Accused of Malfeasance?
The three Louisiana pension funds that expressed concern over Fletcher Asset Management’s liquidity and financial reporting practices have sent a team to the hedge fund to investigate the matter; their findings suggest that the initial concerns may have been unsubstantiated.
Adding to Bank of America’s Countrywide Legal Woes, Prominent Institutional Investors File Lawsuit
In another legal blow to Bank of America, a group of 15 institutional investors has sued the bank for allegedly misleading investors about the integrity of its subsidiary Countrywide Financial’s financial condition and lending practices.