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Peregrine CEO signs plea agreement to fraud and embezzlement scheme

Sedgwick LLP
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USA
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September 28 2012

Federal prosecutors report that they have reached a plea agreement with Russell Wasendorf, Sr., the head of Peregrine Financial Group, Inc., in which he admitted to orchestrating a $200 million embezzlement scheme

Consumer Financial Protection Bureau faces stiff opposition from Republican state AGs

Sedgwick LLP
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USA
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September 28 2012

As part of the 2010 Dodd-Frank financial reform legislation, the Consumer Financial Protection Bureau (CFPB) was created in order to consolidate federal financial consumer protection into one agency

SEC readies first payouts under Dodd-Frank whistleblower program

Sedgwick LLP
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USA
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June 29 2012

Under the Dodd-Frank financial reforms, a new process was put in place that allows whistleblowers who report corporate wrongdoing to receive anywhere from 10 percent to 30 percent of any fine levied against the corporation

Bear Stearns, plaintiffs agree to $275 million settlement of credit suit

Sedgwick LLP
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USA
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June 29 2012

According to a June 6, 2012 stipulation filed by plaintiffs, the parties to the Bear Stearns securities litigation have agreed to settle the matter for $275 million

Madoff trustee targets European private banks with new lawsuits

Sedgwick LLP
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USA
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June 29 2012

On June 6, 2012, the trustee liquidating Bernard L. Madoff Investment Securities Inc., Irving Picard, filed new lawsuits in the U.S. Bankruptcy Court in Manhattan against several European private banks

Florida jury finds Wells Fargo liable for Lehman investments

Sedgwick LLP
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USA
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April 30 2012

A Florida federal jury found against Wells Fargo Bank NA in the amount of $10.4 million as a result of Wachovia Global Securities' breach of contract for its failure to notify its client of a deteriorating Lehman Brothers Holdings Inc. investment

Picard seeks recovery from Madoff wives

Sedgwick LLP
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USA
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April 30 2012

Irving Picard, the trustee in charge of recovering approximately $20 billion from the Madoff Ponzi scheme, may now seek claims against the wives of Bernard Madoff's two sons according to a recent court order

Stanford found guilty on charges of fraud and conspiracy

Sedgwick LLP
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USA
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March 28 2012

On March 6, 2012, three years after R. Allen Stanford was indicted for fraud, a federal jury returned a verdict against Stanford with regard to a $7 billion Ponzi scheme involving nearly 30,000 investors worldwide

Federal judge finds ARS disclosures adequate; dismisses claims against Merrill Lynch and investment adviser

Sedgwick LLP
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USA
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March 28 2012

Merrill Lynch & Co. has successfully convinced a U.S District Court in New York to dismiss federal securities and California state law claims brought against it by Louisiana Pacific Corp. (LPC) relating to Merrill’s disclosures in connection with its sale of auction rate securities (ARS

Game over Mets strike a deal with Picard for $162 million

Sedgwick LLP
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USA
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March 28 2012

After a recent ruling whereby Judge Jed Rakoff of the U.S. District Court for the Southern District of New York determined the ground rules for the trial, Mets owners and Madoff Trustee Irving Picard reached a $162 million settlement on March 16, 2012

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