Dec 7 (Reuters) – A U.S. federal judge has refused to allow
investors to proceed as a group in a lawsuit accusing BP Plc
of fraud by misleading them – before and after the 2010
Gulf of Mexico oil spill – about the company’s ability to
respond to an accident.
U.S. District Judge Keith Ellison in Houston denied a
request on Friday to certify a class action of holders of BP’s
American depository shares (ADSs) who were allegedly injured by
the energy giant.
By Nate Raymond
(Reuters) – A former SAC Capital Advisors trader, set to go on trial next month on insider trading charges, wants to cite in court some 2012 testimony given by the hedge fund’s founder Steven Cohen, claiming it rebuts the government’s case.
Mathew Martoma, the ex-SAC portfolio manager is scheduled for trial on January 6. He filed court papers late Friday seeking to use testimony given by Cohen to the U.S. Securities and Exchange Commission in May 2012.
NEW YORK (Reuters) – General Electric Co has agreed to pay as much as $18.25 million to settle a class action lawsuit accusing it of rigging bids for municipal securities, court papers filed on Friday show.
The accord requires court approval, and flows from litigation that began in 2008 over claims that banks and finance companies conspired to artificially fix prices for so-called municipal derivatives.
NEW YORK (Reuters) – A federal judge on Friday rejected a last-ditch effort by consumers and travel agents to stop American Airlines and US Airways from merging next week, a move they fear would drive prices up and service down and make planes more crowded.
The combination of American’s parent AMR Corp (AAMRQ.PK: Quote, Profile, Research, Stock Buzz) and US Airways Group Inc (LCC.N: Quote, Profile, Research, Stock Buzz) would create the world’s largest carrier and would follow last month’s resolution of antitrust objections by the U.S. Department of Justice.
NEW YORK, Dec 6 (Reuters) – Two former Vitesse Semiconductor
Corp executives were spared prison on Friday after
pleading guilty to charges they fabricated company records in
an attempt to obstruct an expected investigation into
Former Chief Executive Louis Tomasetta and Executive Vice
President Eugene Hovanec were each sentenced to three years of
probation by U.S. District Judge Jed Rakoff in Manhattan.
NEW YORK (Reuters) – A former Dell Inc supply manager who cooperated with government insider trading investigations, including a probe of a portfolio manager at SAC Capital Advisors, avoided prison on Thursday as a result of his cooperation.
Daniel DeVore, 49, pleaded guilty in 2010 to conspiracy to commit securities fraud and wire fraud for passing confidential information about Dell and its suppliers.
NEW YORK, Dec 5 (Reuters) – A U.S. judge is considering an
alternative that could result in Bank of America Corp
paying much less than the $863.6 million the government is
seeking as a penalty for the sale of defective mortgages before
the financial crisis.
At a hearing on Thursday, U.S. District Judge Jed Rakoff in
Manhattan asked the bank and the Justice Department to brief him
on the alternative, which is based on the grains rather than the
losses resulting from the sales.
NEW YORK, Dec 3 (Reuters) – The star witness in the
government’s case against SAC Capital Advisors portfolio manager
Michael Steinberg faced aggressive questioning on Tuesday from
Steinberg’s lawyer, who sought to discredit his earlier
Jon Horvath, a former analyst at Steven A. Cohen’s SAC hedge
fund, was on his fourth day on the witness stand in Steinberg’s
high-profile insider trading trial in a federal court in New
NEW YORK, Dec 2 (Reuters) – SAC Capital Advisors portfolio
manager Michael Steinberg deliberately avoided telling his boss
Steven A. Cohen that he was trading on Dell Inc with inside
information, a former analyst at the hedge fund testified on
Jon Horvath, the U.S. government’s star witness against
Steinberg in the insider trading case, told a jury in Manhattan
federal court that Steinberg had to reassure Cohen in November
2008 about his bets on Dell which were contrary to
Cohen’s own sense and the market wisdom at the time.
NEW YORK, Dec 2 (Reuters) – Portfolio manager Michael
Steinberg sought to warn SAC Capital Advisors founder Steven A.
Cohen that he was trading in the opposite direction to bets that
were based on inside information, a former analyst at the hedge
fund testified Monday.
Jon Horvath, a former analyst at SAC who is cooperating in
the government’s insider trading case against Steinberg, said
that three days before Dell Inc announced its earnings
in August 2008, Cohen was betting the company’s stock would go