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SEC Finds Failures at Credit Rating Firms

Securities and Exchange Commission staff found “apparent failures” at each of the 10 credit rating agencies they examined, including Standard & Poor’s, Moody’s, and Fitch, the agency said on Friday in its first annual report on credit raters. The SEC sent letters outlining the staff’s concerns to each of the ratings firms and demanded a […]

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Lehman Brothers Proposes End To Bankruptcy

Lehman Brothers Holdings Inc defended on Tuesday a proposed plan to end the largest bankruptcy in U.S. history, but said it will alter certain language to resolve objections from the U.S. Trustee. Lehman filed court papers in U.S. Bankruptcy Court in Manhattan asking Judge James Peck to approve the outline for its $65 billion payback […]

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US Files Suit Against Goldman Sachs

Regulators filed a lawsuit Tuesday against Goldman Sachs Group Inc., accusing the investment bank of violating federal and state securities laws in the sale of $1.2 billion in mortgage-backed securities. The lawsuit, filed in U.S. District Court in Los Angeles, seeks damages in excess of $491 million. It is the fourth securities lawsuit to be […]

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MassMutual unit agrees to $1 billion Madoff settlement

A hedge fund group owned by Massachusetts Mutual Life Insurance Co. has agreed to pay more than $1 billion to customers of imprisoned fraudster Bernard Madoff, in one of the largest settlements with the trustee in Madoff bankruptcy case. Under the agreement, announced today, Tremont Group Holdings of Rye, N.Y., and its Rye Select family […]

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FINRA Fines SunTrust Robinson Humphrey, SunTrust Investment Services a Total of $5 Million for Auction Rate Securities Violations

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined SunTrust Robinson Humphrey, Inc. (SunTrust RH) and SunTrust Investment Services, Inc. (SunTrust IS) for violations related to the sale of auction rate securities (ARS). SunTrust RH, which underwrote the ARS, was fined $4.6 million for failing to adequately disclose the increased risk that […]

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