Evergreen Investment Management Company (“Evergreen”), a unit of Wells Fargo & Co., has agreed to pay more than $40 million to settle an enforcement action by the Securities and Exchange Commission (“SEC”) and the Massachusetts Securities Division, according to articles in the Wall Street Journal and Reuters. Evergreen was a subsidiary of Wachovia at the […]
On May 13, 2009, the U.S. Securities and Exchange Commission (“SEC”) approved a rule change that requires brokers to disclose alleged sales practice violations made by a customer against a securities broker in the body of a civil lawsuit or arbitration claim, even if that broker is not named as a defendant or respondent. The […]
Washington is doing far too little to strengthen the government’s ability to investigate and prosecute the type of corporate and mortgage fraud that led to the economic collapse, The New York Times opined in an Editorial dated April 18, 2009. The Times points out that focus has shifted away from financial fraud to anti-terrorist activities, […]
Wells Fargo and its newly acquired affiliate, Wachovia Securities, continue to face a mountain of regulatory problems associated with their marketing and sale of auction-rate securities.
Investors who still hold auction-rate securities are facing many increasing problems, according to an article in today’s Bloomberg.com by Michael McDonald. Last February, the $330 billion market for auction-rate securities essentially froze when major Wall Street firms discontinued supporting auction-rate securities. A year later, investors are still stuck with as much as $176 billion of […]
Various companies, including Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Bank of America Securities LLC, Merrill Lynch & Co. Foundation Inc., Morgan Stanley & C., Inc., UBS Securities LLC, and Wachovia Capital Markets, are under fire from American National Insurance Company and the City of South San Francisco. Both parties are suing these companies […]
Time may be running out on certain auction-rate securities claims. Some investors may need to act promptly if they wish to protect their rights. The laws of each state establish time limits (statutes of limitations) within which legal claims must be asserted. Those time limits vary from state to state. Claims not brought within the […]
There have been various developments over the past several weeks which investors may consider relevant in allocating their resources or evaluating alternatives that are available to them. Some of the more significant developments include, but are not limited to, the following: On Monday, the Dow Jones Industrial Average fell 32 points. On Tuesday, the Dow […]
There have been various developments over the past several weeks which investors may consider relevant in allocating their resources or evaluating alternatives that are available to them. Some of the more significant developments include, but are not limited to, the following: On Monday, the Dow Jones Industrial Average dropped by 73 points. On Tuesday, the […]
The hoopla surrounding the presidential election and the promise of a new team in Washington does not change the reality that we are still mired in a seemingly unending financial mess. But, according to New York Times business columnist Gretchen Morgenson, President-Elect Barack Obama needs to signal investors and taxpayers that he will be looking […]
