John Walker News
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Standard & Poor’s, found liable in November for misleading Australian towns with investment ratings, faces more lawsuits from councils and charities seeking to recoup their losses.
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The Justice Department suit against Standard & Poor’s has entered a phase where lawyers spend months arguing over procedure, and progress is slim. Tony West, who’s overseeing the case. knows the feeling: His nomination to become the agency’s No. 3 official has been blocked for half a year.
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A lawyer for Winifred Jiau, the ex- Primary Global Research expert-networking firm consultant found guilty of insider trading, challenged her 2011 conviction before a federal appeals court.
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Zvi Goffer, a former Galleon Group LLC trader whose 10-year prison term is the third-longest sentence in a recent federal crackdown on illegal insider trading, asked an appeals court to reduce his sentence.
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Lehman Brothers Holdings Inc.’s Australian unit is liable for losses three towns incurred from buying failed securities, a judge ruled. The lawsuit’s sponsor said the case is the first of its kind to complete a trial.
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Lloyds Banking Group Plc and Banco Santander SA led a drop in U.K. lending in the fourth quarter as the Bank of England said its credit-boosting program will “take time” to feed through to loan growth.
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Chesapeake Energy Corp., the most active U.S. oil and natural-gas driller, said it is selling part of its holdings in the Utica Shale oil and gas field in Ohio for $1.14 billion. Its shares rose 6 percent.
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The Australian unit of Lehman Brothers Holdings Inc. will defend itself at trial over the sale of collateralized debt obligations in a lawsuit filed by towns and councils in the country.
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McGraw-Hill Cos. and Moody’s Corp., owners of the two-largest credit rating firms, plummeted after an Australian judge ruled Standard & Poor’s misled investors by giving its highest credit grade to securities whose value plunged during the global financial crisis.
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Raj Rajaratnam, the hedge fund manager convicted of directing a massive insider-trading ring, opposed a government request to unseal data about his medical condition, claiming it would only fuel a “media feeding frenzy.”
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