Posts belonging to Category Auction Rate Securities
Posted by Page PerryonAugust 23, 2010
On July 30, 2010, Judge Michael D. Johnson of the Superior Court of Fulton County, Georgia, confirmed and upheld a December 2009 award issued by an Atlanta-based Financial Industry Regulatory Authority (FINRA) arbitration panel ordering SunTrust Robinson Humphrey, Inc. (SunTrust) to pay over $4.1 million in damages (including punitive damages, attorneys’ fees and costs) to […]
Categories: Auction Rate Securities, Brokerage Firms, Employment Issues, Securities, Securities/Commodities Arbitration, SunTrust
Posted by Page PerryonAugust 4, 2010
A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered UBS AG to pay $80.8 million to a Maryland cellphone marketer for lost profits when its cash was frozen in auction-rate securities in early 2008, according to an August 4, 2010 Wall Street Journal article by Randall Smith, “UBS to Pay $80 Million in Auction-Rate […]
Categories: Auction Rate Securities, Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS
Posted by Page PerryonJuly 18, 2010
A United States District Court judge has ruled that a class action may proceed against Citigroup and others for making an array of material misrepresentations and omissions in public offering materials associated with bonds purchased by the plaintiffs (Reuters, “Judge Rules Bondholders Can Pursue Citigroup Suit,” July 12, 2010).
Categories: Auction Rate Securities, Bonds, Brokerage Firms, CDOs, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJune 12, 2010
Catalyst Health Solutions, a provider of pharmacy benefit management services, has won a $9.8 million FINRA arbitration award against Credit Suisse in connection with student loan-backed auction rate securities. This is one of several successful arbitrations brought against Credit Suisse by investors since the auctions for such securities froze in early 2008, leaving thousands of […]
Categories: Auction Rate Securities, Brokerage Firms, Common Securities Broker Abuses, Credit Suisse, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJune 5, 2010
In “Paying a price for risky schemes,” Atlanta Journal Constitution reporter Russell Grantham presents an excellent overview of how at least a dozen metro governments and nonprofits that issued debt were whipsawed by the “shadow banking system” ? the freezing of the auction rate securities markets and complex derivative contracts called swaps. As a result, […]
Categories: Auction Rate Securities, Bank of America, Bear Stearns, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Municipal Bonds, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, UBS, Wachovia
Posted by Page PerryonApril 13, 2010
On April 8, 2010, the Wall Street Journal ran an article under the headline “Banks Winning When Investors Sue.” However, that article only told part of the story. According to Craig T. Jones, a lawyer who represents investors at the Atlanta law firm of Page Perry, “the Journal article was focused on lawsuits filed in […]
Categories: Auction Rate Securities, Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMarch 18, 2010
Susan Merrill, the head of enforcement at the Financial Industry Regulatory Authority (FINRA) is departing after nearly three years in which disciplinary actions and fines against the brokerage industry have declined, reported Sue Craig of the Wall Street Journal in her March 18 article, “Finra’s Susan Merrill to Exit as Enforcement Chief.” FINRA is reportedly […]
Categories: Auction Rate Securities, Brokerage Firms, Investment Advisers, Regulatory Developments, Securities
Posted by Page PerryonMarch 8, 2010
The state of Hawaii took a $250 million write-down on the auction rate securities in its investment portfolio at the end of 2009, according to a recent Bloomberg report. The write-down included 57 issues of student loan-backed securities that were purchased from Citigroup for over $1 billion in 2007 and early 2008, when they were […]
Categories: Auction Rate Securities, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMarch 8, 2010
The state of Hawaii took a $250 million write-down on the auction rate securities in its investment portfolio at the end of 2009, according to a recent Bloomberg report. The write-down included 57 issues of student loan-backed securities that were purchased from Citigroup for over $1 billion in 2007 and early 2008, when they were […]
Categories: Auction Rate Securities, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMarch 3, 2010
New York Attorney General Andrew Cuomo has announced a $2.75 million settlement with a former top executive at UBS over allegations that he used insider information to sell his auction rate securities just before the market for such securities collapsed. According to prosecutors in Cuomo’s office, the executive in question was UBS’s global head of […]
Categories: Auction Rate Securities, Brokerage Firms, Common Securities Broker Abuses, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS
