A New York judge ordered a unit of Allianz SE to pay about $6 billion as punishment for misrepresenting the investment risk posed by a group of hedge funds that collapsed amid market fluctuations caused by the Covid-19 pandemic.
Tag: securities fraud
Michigan Bank Holding Company Pleads Guilty in $69M Securities Fraud Case
Financial services firm Sterling Bancorp agreed Wednesday to plead guilty to securities fraud, including a $27.2 million fine, which will go toward paying restitution.
U.S. Supreme Court Safeguards Investor-Protection Laws
The U.S. Supreme Court safeguarded investor-protection laws on Wednesday by refusing to further narrow the scope of who can be held liable for securities fraud, upholding a lower court ruling against a New York investment banker banned from the industry by the Securities and Exchange Commission. The justices, in a 6-2 ruling, affirmed the lower… Continue reading U.S. Supreme Court Safeguards Investor-Protection Laws