Raymond James Drops Morgan Keegan’s Name After It Was Ordered to Buy Back Securities
Just a few weeks after the 11th Circuit Court ordered Morgan Keegan to buy back more of their ultra-risky auction rate securities, Raymond James dropped the name Morgan Keegan altogether. In November 2012, this blog reported that 11th Circuit Judge William Duffy dismissed an SEC claim against Morgan Keegan. According to the article , District […]
Class Action Complaint Filed Against Fidelity
A putative Class Action Complaint was filed in the United States District Court for the District of Massachusetts for Timothy Kelley (an ex-participant in the Avanade and Hewlett-Packard 401(k) plans) and Jamie Fine (a participant in the Delta 401(k) plan) accusing Fidelity of fiduciary breaches over its handling of floating participant contributions . Class action […]
Judge Accused of Exceeding Authority by Rejecting SEC Settlement
Trial Court Judge Jed Rakoff is accused of exceeding his authority in rejecting a settlement reached by the SEC and Citigroup. The settlement came after the SEC initiated a civil fraud action against Citigroup regarding the sale of a complex $1 billion mortgage bond deal during the end of the housing boom. The SEC also […]
Morgan Keegan Opt-Out
Notice to Morgan Keegan Customers Who Invested In the RMK Closed-End Bond Funds: The Law Firm of The Frankowski Firm, LLC Urges You to Fully Explore Your Legal Options Regarding the Proposed Class Action Settlement With Morgan Keegan BIRMINGHAM, AL., Feb. 5, 2013 (GLOBE NEWSWIRE) — The Frankowski Firm, LLC (https://frankowskifirm.com) advises all Morgan Keegan […]
SEC Bars Egan-Jones from Issuing Certain Ratings
Smaller than Standard & Poor’s or Moody’s, Egan-Jones is based in Haverford, PA with principle Sean Egan at the helm. It differs not only in size from its competitors but also in its business model. Standard & Poor’s and Moody’s both are paid by the companies that they rate while Egan-Jones accepts payment only from […]
Bank of America to Pay $10.3 Billion Over Questionable Mortgages
A recent CNN Money article disclosed a $10.3 billion settlement between Fannie Mae and Bank of America over questionable home loans sold during the housing bubble and subsequent burst. The article stated the large settlement would be comprised of a direct payment of $3.55 billion in cash as well as $6.75 billion paid to repurchase […]
AIG Considering Suing Government Over Bailout
The Board of American International Group, Inc. (AIG) soon will meet to decide if the company, who just paid off their $182 billion bailout debt, will join a $25 billion shareholder lawsuit against the government, according to an article in the NY Times Dealbook. The lawsuit in question was filed in 2011 by Maurice Greenberg, […]
SEC Charges Penny Stock Investors with Fraud
Four industry professionals were charged by the SEC for a fraudulent penny stock scheme that produced around $17 million in illegitimate profits, all the while claiming false federal securities laws exceptions. The SEC defines penny stocks as low-priced (below $5), speculative securities of small companies that are generally quoted over the counter on the OTC […]
FTC ACTION RESULTS IN $24 MILLION SETTLEMENT
Harry Tanner with American Precious Metals, Andrea Tanner and Sam J. Goldman agreed to pay a $24 million settlement after FTC charged they tricked customers to purchase high risk precious metals on credit without disclosing the risks associated with these purchases, according to the Federal Trade Commission’s article. This settlement stems from an FTC investigation […]
Burke Harvey & Frankowski LLC Announces Investigation of Vascular Solutions Inc.
The Frankowski Firm, LLC announces the commencement of an investigation into Vascular Solutions Inc., (“Vascular Solutions” or the “Company”) to determine whether the Company’s officers and directors have breached their fiduciary duties owed to Vascular Solutions and its shareholders by causing the Company to illegally market certain of its medical devices for unapproved, or “off-label,” […]