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SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud
- Edwards Wildman Palmer LLP
- -
- USA
- -
- January 21 2011
Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme
Court finds insurers no longer required to advance defense costs for certain Stanford individuals due to money laundering exclusion
- Edwards Wildman Palmer LLP
- -
- USA
- -
- November 2 2010
After a preliminary injunction hearing, the United States District Court for the Southern District of Texas has determined that D&O insurers for the Stanford Financial Group and various related entities are no longer required to advance defense costs relating to criminal charges and civil litigation filed against Mark Kuhrt, Gilbert Lopez and R
District Court dismisses subprime class action case with prejudice
- Edwards Wildman Palmer LLP
- -
- USA
- -
- October 20 2010
The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities
Insurers’ law firm engaged in multi-pronged legal battle against accused Ponzi artist
- Edwards Wildman Palmer LLP
- -
- USA
- -
- September 8 2010
The law firm of Akin Gump Strauss Hauer & Feld, LLP is seeking to quash a subpoena from accused Ponzi schemer Allen Stanford in the U.S. District Court for the Southern District of Texas, where Mr. Stanford’s criminal case is pending
Second Circuit allows securities fraud claim alleging misrepresentations regarding nature, but not amount, of mutual fund’s fees
- Edwards Wildman Palmer LLP
- -
- USA
- -
- April 27 2010
The Second Circuit recently overturned the Southern District of New York’s dismissal of a claim under 10(b) Securities Exchange Act of 1934 relating to management fees charged to a mutual fund in Operating Local 649 Annuity Trust Fund v. Smith Barney Fund Management LLC
District of New Jersey dismisses securities fraud claims against company that suffered data breach
- Edwards Wildman Palmer LLP
- -
- USA
- -
- March 29 2010
Late last year, the United States District Court for the District of New Jersey dismissed a securities fraud litigation that had been brought against a payment card processor in connection with the theft, by cybercriminals, of credit and debit card information from the company's computer system
Financial Service Authority wins appeal case on co-operation with overseas regulators
- Edwards Wildman Palmer LLP
- -
- United Kingdom
- -
- March 4 2010
The Financial Services Authority (FSA) went to the Court of Appeal to seek clarification regarding its obligation to co-operate with the Securities and Exchange Commission (SEC
Judge orders insurer to cover R. Allen Stanford's defense costs
- Edwards Wildman Palmer LLP
- -
- USA
- -
- February 17 2010
According to the Houston Chronicle, U.S. District Judge David Hittner, who is presiding over R. Allen Stanford's criminal proceeding, has ordered Lloyd's of London to pay for the criminal defense attorneys defending Mr. Stanford and two other officers of his company who were recently indicted for allegedly running a $7 billion Ponzi scheme
Italian government and EU are named as defendants in Eternit asbestos proceeding
- Edwards Wildman Palmer LLP
- -
- European Union, Italy
- -
- February 4 2010
The criminal proceedings in Turin against the former heads of asbestos giant Eternit have taken a new turn
High Court finds that claim is excluded as a result of director's aiding and abetting
- Edwards Wildman Palmer LLP
- -
- United Kingdom
- -
- February 4 2010
In the case of Goldsmith Williams v Travelers Insurance Company Limited 2010 EWHC 26, Mr Justice Wyn Williams considered the question of whether a company had acted fraudulently
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- Workarea - White Collar Crime
- Author - Brian Green
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