Morgan Stanley said it will drop its remaining claims in a lawsuit against Joseph “Chip” Skowron after a federal judge ordered the former fund manager and convicted inside trader to repay $31 million in compensation.
Ex-Morgan Stanley fund manager Joseph “Chip” Skowron, who’s serving a five-year prison term for insider trading, must pay back $31 million in compensation for failing to fulfill his duties to the bank, a judge ruled.
Ex-Qwest Communications International Inc. chief Joseph Nacchio shouldn’t be allowed an income tax deduction for the $44.6 million he forfeited after his conviction for insider trading because it would undercut his punishment, a government lawyer said.
Raj Rajaratnam, the hedge fund manager sentenced to 11 years in prison for insider trading, was assigned to a federal prison medical center in Massachusetts, according to a person familiar with the matter.
Colorado’s Corrections Department is selling $112 million in bonds backed by rent on a prison it hopes to lease as similar debt is beating top-rated securities in the $3.7 trillion municipal market for a fifth-straight year.
Neff Corp ., a closely held equipment- rental company with 63 branches in 14 U.S. states, began a prepackaged Chapter 11 reorganization yesterday in New York, with holders of $90 million on a first-lien term loan to own most of the new equity.