U.S. financial regulators should speed up designation of systemically important nonbank firms to bolster efforts to prevent a repeat of the 2008 credit crisis, according to members of the newly formed Systemic Risk Council.
A $1.05 million settlement between former Bear Stearns Cos. hedge-fund managers Ralph Cioffi and Matthew Tannin and the U.S. Securities and Exchange Commission was approved by a U.S. judge in Brooklyn, New York.
Paul Daugerdas, a former Jenkens & Gilchrist lawyer, and two other defendants in what a judge called the biggest U.S. tax-fraud prosecution in history won a new trial after a juror disclosed she had lied about her past, including that she was an alcoholic and a suspended attorney.
Amaranth Advisors LLC, the hedge fund that lost $6.6 billion in September 2006, sued Paul Touradji and his employees, seeking at least $350 million for claims including breach of contract and misappropriation of trade secrets.
Goldman Sachs Group Inc. was sued by Allstate Insurance Co. over the sale of more than $100 million worth of residential mortgage-backed securities that the insurer claims the bank itself called “junk” and “lemons.”
Paul Daugerdas, a former lawyer at the defunct law firm Jenkens & Gilchrist, and three other defendants convicted of a 10-year tax shelter scheme asked a judge for a new trial, claiming a juror lied about her background to get on the panel.