Kenneth Lench News
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Ying White, previously the head of Akin, Gump, Strauss, Hauer & Feld LLP’s investment funds practice, joined Clifford Chance LLP’s Beijing office as a partner in the corporate practice, the firm announced.
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U.S. Securities and Exchange Commission investigators are considering extending the reach of enforcement actions in cases involving complex financial transactions to lawyers who provided the legal advice on fraudulent deals, an agency official said.
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Banks sold more than $6 billion of bonds linked to the performance of stocks last year, promising returns of as much as 64 percent at a time when interest rates were at historic lows.
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Goldman Sachs Group Inc. faces a regulatory probe in Britain and scrutiny from the German government after the U.S. Securities and Exchange Commission sued the firm for fraud tied to collateralized debt obligations.
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Leona Miller, an 84-year-old retired beautician, says she was seeking safe and steady income from bonds two years ago when her Wachovia Corp. broker recommended she buy securities paying 9 percent interest.
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The U.S. Securities and Exchange Commission has asked several financial firms how they market “principal-protected” notes after investors said they lost more than $1 billion on the securities when Lehman Brothers Holdings Inc. collapsed, according to people familiar with the matter.
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RBC Capital Markets LLC agreed to pay $30 million to resolve U.S. regulators’ claims that it marketed and sold unsuitable securities to five Wisconsin school districts that wiped out $200 million.
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Merrill Lynch & Co. engaged in the same investor fraud that the U.S. Securities and Exchange Commission accused Goldman Sachs Group Inc. of committing, according to a bank that sued the firm in New York last year.
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Deutsche Bank AG fell the most since July, leading European financial stocks lower, after Goldman Sachs Group Inc. was sued by U.S. regulators for fraud tied to packaging and selling collateralized debt obligations.
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