Aug. 5, 2010 at 4:50 p.m.
Filed under:
Litigation,
Regulations
By Julie Wernau
The Securities and Exchange Commission has asked a federal court judge to sign off on a consent order that would settle a years-long accounting fraud scandal that led to Warrenville-based Navistar’s delisting on the New York Stock Exchange in 2007.
The settlement agreement, first announced last October, was opened to the public for the first time Thursday, and names five former and current Navistar employees who allegedly engaged in fraudulent and improper accounting practices that led the company to overstate its pre-tax income by approximately $137 million from 2001 to 2005. The company manufactures and markets commercial trucks, school buses, diesel engines and related parts. Get the full story »
July 28, 2010 at 6:16 a.m.
Filed under:
Energy,
Environment,
Government,
Politics
By Reuters
Several U.S. agencies are preparing a criminal probe of at least three companies involved in the massive oil spill in the Gulf of Mexico, though it could take more than a year before any charges are filed, the Washington Post reported Wednesday.
BP Plc, Transocean Ltd. and Halliburton Co. are the initial targets of the wide-ranging probe, which aims “to examine whether their cozy relations with federal regulators contributed to the oil disaster in the Gulf of Mexico,” the newspaper said, citing law enforcement and other sources. Get the full story »
July 23, 2010 at 5:48 a.m.
Filed under:
Autos,
IPOs,
Labor,
Unions
By Reuters
General Motors Co. plans to file its registration for an initial public offering during the week of Aug. 16, just after the expected date for its second quarter results, according to two people with direct knowledge of the preparations.
A GM filing with the U.S. Securities and Exchange Commission would be the first step toward an IPO to reduce the U.S. government’s ownership in the automaker after a $50 billion bailout in 2009. Get the full story »
July 19, 2010 at 3:46 p.m.
Filed under:
Banking,
Investing,
Policy,
Politics,
Regulations
By Reuters
The broadest shake-up in U.S. financial services law since the Great Depression will likely require the Securities and Exchange Commission to beef up its staff with 800 new positions, the SEC’s chief said in prepared remarks on Monday. Get the full story »
July 16, 2010 at 5:05 p.m.
Filed under:
Criminal charges,
Fraud,
Investing
By Reuters
American International Group Inc. has agreed to pay $725 million to settle a long-running securities fraud lawsuit led by three Ohio public pension funds, in one of the largest class-action settlements in U.S. history.
AIG would pay $175 million within 10 days of preliminary court approval of the settlement with a class of shareholders. The company may fund the remaining $550 million through one or more common stock offerings. Get the full story »
By Reuters
U.S. regulators are still trying to ferret out what caused the Dow Jones industrial average to mysteriously drop nearly 700 points in minutes before sharply recovering, the chairman of the Securities and Exchange Commission said Friday. More than two months after the market briefly crashed in May, market regulators are still exploring a number of theories, including an imbalance between buyers and sellers.
“What we clearly understand are what the exacerbating factors were,” SEC chief Mary Schapiro told Reuters in an interview on the sidelines of a conference in Chicago on corporate governance, “like different trading conventions in different marketplaces, liquidity replenishment points, self-help, banded orders.” Get the full story »
July 6, 2010 at 2:44 p.m.
Filed under:
Exchanges,
IPOs,
Stock activity
By Dow Jones Newswires
KKR & Co. said Tuesday that it will begin trading on the New York Stock Exchange on July 15 and revealed the multi-million-dollar paychecks its famous founders took home last year.
The private-equity firm, which will trade under the symbol KKR, is switching listing venues from NYSE Euronext Amsterdam. European shareholders’ stakes will be converted into NYSE-listed common units. A separate stock offering also is planned at some point after the listing, but it is unlikely to take place on the same date unless market conditions improve. Get the full story »
By Wailin Wong
Motorola Inc. said its spun-off mobile devices and home company will be called Motorola Mobility, with the remaining business being named Motorola Solutions Inc.
The new names were disclosed in a Thursday filing with the U.S. Securities Exchange Commission that outlined more details of Motorola’s planned separation into two companies. The split is scheduled for the first quarter of 2011, and the registration filing with the SEC marked an important step in the process. Get the full story »
July 1, 2010 at 9:46 a.m.
Filed under:
Chicago executives,
Pharmaceuticals,
Retirement
By Alejandra Cancino
Abbott Laboratories said Thursday its executive vice president of pharmaceutical products is retiring.
The company said Olivier Bohuon will “shortly announce his plans to accept another opportunity” in a report filed with the Securities and Exchange Commission. The North-Chicago based company named Richard A. Gonzalez the interim vice president.
June 28, 2010 at 4:07 p.m.
Filed under:
Banking,
Government
By Becky Yerak
Aurora-based Old Second Bancorp Inc., which lost $60 million last year, has disclosed that it’s operating under an agreement with U.S. regulators to increase its capital to levels higher than what’s usually considered “well capitalized.”
The publicly traded lender, which has assets of $2.5 billion, outlined its capital-raising plans in a filing last week. Get the full story »
June 25, 2010 at 11:53 a.m.
Filed under:
Fraud,
Investing,
Regulations
By Associated Press
The government says it obtained a court order to halt an alleged $34 million Ponzi scheme targeting federal employees and law enforcement agents nationwide with promises of safe investments in a nonexistent bond fund.
The Securities and Exchange Commission said the order issued Thursday by a federal judge in Miami also froze the assets of the estate of the late Kenneth Wayne McLeod, his consulting firm Federal Employee Benefits Group and an affiliated investment firm. The SEC alleges that McLeod and the firms defrauded an estimated 260 investors starting in 1988.
June 18, 2010 at 10:40 p.m.
Filed under:
Mortgages
From the Wall Street Journal | The Securities and Exchange Commission is focusing deals made by Illinois hedge fund Magnetar Capital in its investigation into collateralized-debt obligations, the complicated mortgage securities at the heart of the financial crisis, according to people familiar with the matter.
By Wailin Wong | Motorola Inc. has sweetened the terms of the employment agreement for
co-Chief Executive Greg Brown, increasing the value of stock awards he
will receive when the company completes its planned separation into two
independent businesses.
Motorola has targeted the first quarter
of 2011 for the split, with Brown leading the enterprise mobility and
networks business, which makes network infrastructure, as well as
communications gear for public safety agencies and businesses. Co-CEO
Sanjay Jha will lead the other company, comprising mobile phones and
cable television set-top boxes.
Get the full story »
By Wailin Wong
| Activist investor Carl Icahn has raised his stake in Schaumburg-based
Motorola Inc. to 8.75 percent, according to a Friday filing with the
U.S. Securities and Exchange Commission.
Icahn and his investment vehicles last disclosed their Motorola holdings
in May 2008, reporting a 7.6 percent stake.
Get the full story »
