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Oct 24, 2014

U.S. court hearing over Citi processing of Argentine bond payment delayed

NEW YORK, Oct 24 (Reuters) – A U.S. judge has delayed by a
week a December hearing to consider whether Citigroup Inc
should be allowed to process an interest payment by Argentina on
bonds issued under its local laws following its 2002 default.

U.S. District Judge Thomas Griesa in Manhattan in a brief
order Friday said the hearing, originally set for Dec. 2, will
now take place Dec. 9.

Oct 24, 2014

Ex-fund manager spared prison for assisting U.S. insider trading probes

NEW YORK, Oct 24 (Reuters) – A former portfolio manager who
became a key cooperator in a broad U.S. government crackdown on
insider trading avoided prison on Friday at her sentencing in
New York federal court.

Reema Shah, 42, provided “prompt, substantial and truthful”
evidence to government investigators, U.S. District Judge John
Koeltl said in imposing two years of probation and a $500,000
fine.

Oct 24, 2014

Tesco hit with U.S. investor lawsuit over accounting irregularities

NEW YORK (Reuters) – Tesco Plc has been hit with a proposed class action lawsuit in the United States by investors over accounting irregularities at Britain’s largest retailer.

The lawsuit was filed on Thursday in New York federal court, the same day the company reported a bigger than expected hole in its finances, prompting its chairman to resign.

Oct 24, 2014

Rajaratnam’s brother reaches insider trading deal with U.S. SEC

NEW YORK, Oct 23 (Reuters) – Rengan Rajaratnam, who was
cleared of criminal insider trading charges following the
conviction of his older brother, Galleon Group founder Raj
Rajaratnam, has agreed to pay more than $841,000 to resolve
civil claims by the U.S. Securities and Exchange Commission.

The settlement was filed on Thursday by the SEC in New York
federal court, three months after a federal jury in Manhattan
acquitted Rengan Rajaratnam of conspiring to engage in insider
trading, a rare defeat for U.S. prosecutors.

Oct 23, 2014

Rengan Rajaratnam, SEC to settle civil insider trading charge

NEW YORK (Reuters) – Rengan Rajaratnam, who was cleared of criminal insider trading charges following the conviction of his older brother, Galleon Group founder Raj Rajaratnam, has agreed to pay more than $841,000 to resolve civil claims by the U.S. Securities and Exchange Commission.

The settlement was filed on Thursday by the SEC in New York federal court, three months after a federal jury in Manhattan acquitted Rengan Rajaratnam of conspiring to engage in insider trading, a rare defeat for U.S. prosecutors.

Oct 23, 2014

U.S. judge to order asset freeze on Wyly after bankruptcy

NEW YORK, Oct 23 (Reuters) – A U.S. judge said Thursday she
would order the assets of Texas entrepreneur Sam Wyly, who once
made the Fortune 400 list, temporarily frozen after he filed
for bankruptcy.

During a hearing in Manhattan, U.S. District Judge Shira
Scheindlin said she was “not very happy” about the bankruptcy
filing, which came after she ordered him and the estate of his
late brother Charles to pay $187.7 million plus interest for
engaging in fraud.

Oct 23, 2014

Citigroup to revisit U.S. court over Argentine bond payments

NEW YORK, Oct 23 (Reuters) – A U.S. judge has scheduled a
Dec. 2 hearing to weigh whether or not Citigroup Inc can
process an expected interest payment by Argentina on bonds
issued under its local laws following its 2002 default.

The hearing before U.S. District Judge Thomas Griesa in
Manhattan, set out in an order issued late Wednesday, would be
less than a month before a Dec. 31 interest payment by Argentina
on the bonds is due.

Oct 23, 2014

Citigroup to return to U.S. court Dec. 2 over Argentine bond payments

NEW YORK (Reuters) – A U.S. judge has scheduled a Dec. 2 hearing to weigh arguments over whether Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) should be allowed to process an expected interest payment by Argentina on bonds issued under its local laws following its 2002 default.

The hearing before U.S. District Judge Thomas Griesa in Manhattan, set out in an order issued late Wednesday, would come less than a month before a Dec. 31 interest payment by Argentina on the bonds is due.

Oct 22, 2014

U.S. SEC slams tycoon Wyly’s bankruptcy budget as ‘staggering’

By Joseph Ax and Nate Raymond

(Reuters) – Texas tycoon Sam Wyly, who filed for bankruptcy this week, is trying to exhaust his fortune through exorbitant spending to impede the U.S. Securities and Exchange Commission’s collection of a $198.1 million fraud claim against him, the regulator told a U.S. judge on Wednesday.

During a hearing in Dallas bankruptcy court, a lawyer for the SEC criticized Wyly’s proposed budget as “staggering.” Items include $32,000 a month for assistants to help him write his books and nearly $7,000 a month to support elderly friends and family members.

Oct 22, 2014

U.S. court tosses Argentina appeal over funds held by BNY Mellon

NEW YORK (Reuters) – A U.S. appeals court on Wednesday dismissed Argentina’s appeal of an order directing Bank of New York Mellon Corp (BK.N: Quote, Profile, Research, Stock Buzz) to hold onto $539 million the country deposited for its restructured bondholders.

The 2nd U.S. Circuit Court of Appeals in New York in a brief order said it lacked jurisdiction over the appeal as the August ruling by U.S. District Judge Thomas Griesa was a clarification rather than modification of his earlier rulings on the matter.