SEC investigating bank over auction-rate securities sales
Recent Cases
The Bank of New York Mellon Corp. disclosed Friday in its quarterly report that the Securities and Exchange Commission is investigating possible breaches of procedure by one of the bank's subsidiaries in auction-rate securities sales and purchases. Auction-rate securities are long-term bonds with varying interest rates that change based on weekly or monthly auctions. In the report, bank officials wrote:
The Company self-disclosed to the SEC that Mellon Financial Markets LLC placed orders on behalf of issuers to purchase their own Auction Rate Securities. The SEC is conducting an investigation of those transactions. MFM is cooperating fully with the SEC in its investigation.
On Thursday, the SEC agreed to a preliminary settlement with financial firm Citigroup Global Markets, Inc. over the firm's auction-rate securities practices, and Friday the agency entered into a similar settlement with the firm UBS. UBS is also facing a lawsuit filed late last month by New York Attorney General Andrew Cuomo for allegedly misrepresenting auction-rate securities as low-risk despite the actual volatility of such investments.
Related listings
-
Former Bush Assistant Sues over 'Swing Vote'
Recent Cases 08/08/2008Bradley Blakeman, a former member of the Bush administration, claims the movie "Swing Vote" is based on a copyrighted treatment he gave to actor Kelsey Grammer, who passed it along to Disney's Touchstone Pictures without his knowledge or permission. ...
-
'Junior' Gotti Arrested on Murder Charge
Recent Cases 08/05/2008John A. "Junior" Gotti has been arrested on charges linking him to three New York murders, The New York Times reported. He is expected to be indicted on racketeering and murder-conspiracy charges over the killings, which took place nearly two decades...
-
'Trashman' Posted Alarmist Videos, Feds Say
Recent Cases 08/04/2008Anton Dunn, using the alias "Trashman," posted threatening videos on YouTube, in which he claims to have told Gerber employees to poison baby food with the intent to kill millions of black babies, federal prosecutors claim. Dunn has been charged with...
Experienced Business Law Attorneys - Business Law Attorneys in Chicago, Illinois
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
Companies of all sizes have to deal with a lot of bureaucracy and paperwork just to do business. Long gone are the days of simply designing and manufacturing a great product and putting it out there. It can be incredibly overwhelming trying to do business without making yourself vulnerable to a lawsuit.
If you need to craft an agreement between you and investors or business partners, it is prudent to have it reviewed by a business attorney before you sign anything. You may also want to have your vendor contracts, office leases, sales agreements, and other types of agreements looked over as well. From start-ups to established corporations, the Chicago business attorneys at the Roth Law Group have the know-how to help businesses keep legal trouble at bay.
The attorneys at the Roth Law Group have helped their clients at every stage of the business creation and operation process. From registering as a legally-recognized business entity to hiring employees and then copywriting or trademarking a product idea, the right guidance in the beginning can keep you out of trouble later on.