2008 will forever be the year that subprime mortgages and corporate scandals altered the face of Wall Street. With $800 billion in writedowns and losses the market found itself buried under the weight of the subprime crisis. Stock markets worldwide crashed by more than $30 trillion taking mega investment houses like Bear Stearns down with […]
Proposed Rule Change to Adopt Rule 12805 of the Customer Code and Rule 13805 of the Industry Code to Establish New Procedures for Arbitrators to Follow when Considering Expungement Relief Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to adopt Rule 12805 […]
Evergreen Investments, the mutual-fund operation, will soon get new leadership. The money-management unit of banking giant Wachovia Corp. told employees on Tuesday that Chief Executive Dennis Ferro, 63 years old, will retire at the end of this year, five years after assuming the top job. He will be succeeded by Peter Cieszko, 48, currently head […]
Yesterday, the California Attorney General’s office raided Redding-based Asset Real Estate & Investment Co. (AREI) as part of their ongoing investigation of the firm. AREI is accused of defrauding investors and is the center of a flurry of investor lawsuits. Jim Koenig, who founded AREI in the late 1990s, is seeking bankruptcy protection and closing […]
A class action was filed today in the U.S. District Court for the District of Massachusetts on behalf of purchasers of all classes of shares of the Evergreen Ultra Short Opportunities Fund (Evergreen Ultra-Sht;A, Evergreen Ultra-Sht;B, Evergreen Ultra-Sht;C, Evergreen Ultra-Sht;I (the “Ultra-Short Opportunities Fund” or the “Fund”) who purchased or otherwise acquired shares of the […]