The Federal Court has ruled Standard & Poor’s misled investors when it gave complex and risky products AAA ratings, reports Financial Review. Now, S&P could be faced with many more lawsuits in the Netherlands, U.S., UK, and New Zealand. And as a result of the ruling, ratings agencies around the world could end up paying […]
Apple seeks ban on eight Samsung devices after win, and Facebook faces its own legal battle with Germany.
The OSC and IIROC have extended the deadline for the submission of forms in connection with the distribution of settlement funds to eligible investors who purchased third-party Asset-Backed Commercial Paper. The original deadline for submission was June 30, 2012. The OSC and IIROC have extended this deadline to October 26, 2012, in order to ensure […]
From 1999 to April 2002, Salim Damji—who claimed to have invented a new teeth-whitening product for Colgate—defrauded investors out of approximately $77 million. And he used BMO accounts to deposit and transfer the stolen funds. It’s alleged the bank knowingly assisted Damji; according to the Ontario Superior Court’s decision documents, it was aware the funds […]
A former Morgan Stanley adviser has been handed a nine-month prison sentence for conspiring to evade the bank’s internal controls, reports Financial Times. Garth Peterson—an American who worked at Morgan Stanley’s Shanghai real estate office—was sentenced on Thursday in New York. He bribed a Chinese official to gain profitable real estate investments for both the […]
Trustee James Giddens—who’s overseeing the liquidation of the brokerage MF Global—has decided to sue some of its high-level execs, reports Financial Times. He plans to join existing class-action lawsuits, which were launched against several senior MF Global employees; John Corzine, Henri Steenkamp, and Laurie Ferber are all named in various suits. Read: Giddens seeks distribution […]
On Friday, the OSC held a pre-hearing conference regarding its case against Portus Alternative Asset Management.
Patricia Perez-Coutts has denied any involvement in Westwood Holdings’ alleged lift out of an entire team of AGF investment managers. Only days after AGF launched a lawsuit against her and the company for “their [alleged] orchestration of an unlawful conspiracy”, the Globe and Mail caught up with her to get comment. She is both offended […]
On Friday, AGF Management and AGF Investments launched a lawsuit against a Dallas-based investment company and its recruitment firm. It alleges Westwood Holdings Group—along with select individuals, including ex-fund manager Patricia Perez-Coutts—orchestrated an attempted unlawful lift-out of an entire team of experienced investment managers. Perez-Coutts left her position at AGF this spring. She and some […]
An Ontario court has approved a plan submitted by the OSC and IIROC to distribute funds to investors burned in the third-party Asset-Backed Commercial Paper (ABCP) fiasco that began in 2007.