Jan 27, 2010 -- Wall Street is sharpening its claws.
In the past few months, a number of financial firms have instituted or beefed up rules that would allow them to force employees to return year-end bonuses.
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Jan 11, 2010 WASHINGTON/NEW YORK (Reuters) -- The White House and New York's top prosecutor attacked excessive Wall Street bonuses, as the nation's biggest banks prepare to hand out awards critics say were made possible by taxpayer bailouts.
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©2010 Bloomberg News
Jan 11, 2010 (Bloomberg) -- New York Attorney General Andrew Cuomo's office demanded information on executive pay from Bank of America Corp., Goldman Sachs Group Inc. and six other U.S. financial institutions that received taxpayer bailout funds.
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Mar 20, 2009 -- Investors filed almost twice as many disputes against their brokers in the first two months of this year as in the same period last year, and 2009 is on track to exceed the record set in 2003.
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Mar 05, 2009 -- Many former Wall Street employees, laid off in a moribund job market, are taking former employers to arbitration to recover lost compensation. Securities industry employees are required to arbitrate claims through the Financial Industry Regulatory Authority, or Finra, and the process can take months.
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By CANDICE CHOI
Feb 25, 2009 -- Your money is gone. You're ticked off. You want to sue.
Even if your adviser wasn't Bernard Madoff, you might be wondering what action you can take after watching your savings take a clobbering this past year.
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By RESHMA KAPADIA
Feb 11, 2009 -- It’s an old saw but one worth repeating, especially in today’s market: If it sounds too good to be true, it probably is.
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By SHERI QUALTERS
Feb 02, 2009 -- Lawyers predict that new Financial Industry Regulatory Authority (FINRA) arbitration rules that sharply restrict when firms facing claims can file dismissal motions will drive up legal costs for financial companies defending employment and investor claims.
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Dec 22, 2008 -- Credit Suisse recently announced an overhaul of its usual cash-and-stock bonus plan: The firm will pay its investment bankers' bonuses partly in hard-to-sell junk bonds, and the firm will reclaim, or "claw back," part of the cash portion if employees leave the firm within two years.
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Dec 01, 2008 -- 'Tis the season for layoffs, but not all layoffs are created equal, and on Wall Street sometimes the way you are let go can be a violation of regulation rules.
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Nov 30, 2008 -- More and more investors are being freed from their auction-rate securities as banks step in to buy securities for which the resale market disappeared. But the after-effects of the seizing up of the auction-rate market may last much longer for some financial advisers who sold these failed instruments.
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Nov 18, 2008 -- Goldman Sachs Group CEO Lloyd Blankfein and six of his fellow executives voluntarily opted not to get bonuses this year. Others on Wall Street don’t have the luxury of choice, as layoffs wreak havoc on their careers. Goldman has targeted layoffs of nearly 10% of its work force, Citigroup is letting go 53,000 people, and there is guaranteed to be more to come.
That spells a boon for employment lawyers. Deal Journal talked to John Singer, name partner of law firm Singer Deutsch, who represents bankers and traders in their bonus disputes with banks. An edited version of our conversation is below.
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By RACHELLE YOUNGLAI and ROBERT MACMILLAN
(c) 2008 Reuters Limited
Nov 17, 2008 -- Mark Cuban, owner of the Dallas Mavericks basketball team, was charged with insider trading in the shares of search engine company Mamma.com, the Securities and Exchange Commission said Monday.
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By SHERI QUALTERS
Oct 16, 2008 -- Investors grappling with major account losses are flocking to the Financial Industry Regulatory Authority (FINRA) with arbitration cases against brokerage firms and investment advisers.
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By SHERI QUALTERS
Oct 13, 2008 -- The legal battle over whether Citigroup Inc. or Wells Fargo & Co. should be able to buy Wachovia Corp. is on hold for now, but the clash highlights the tension between state corporate laws and federal laws that govern banks as the government tinkers with banking-sector rescues.
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By LISA LEE
Oct 03, 2008 -- Employment Arbitrations On The Increase.
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By JACQUELINE BELL
Oct 01, 2008 -- With the financial crisis prompting dire predictions of mass layoffs on Wall Street, companies and employees are bracing themselves not only for the possibility of pink slips, but also the legal battles that are likely to follow.
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By JESSICA PAPINI
Apr 07, 2008 -- On Wall Street, still abuzz about Bear Stearns' rapid fall, there are probably less than six degrees of separation between finance professionals. So, few Wall Streeters do not know of someone at Bear or of someone with contacts at Bear wrestling with the question of what to do next. Do they stay and risk being laid off, or do they seek other options in a turbulent job market?
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By JESSICA PAPINI
Nov 19, 2007 -- The downfall of chief executives at two leading Wall Street firms, Citigroup and Merrill Lynch, was well-documented, but the credit market mess has also spurred the first big round of mass layoffs since 2001. Wall Street firms and financial services firms have announced
By KAREN DONOVAN
Nov 01, 2007 (Registered Rep) -- Wall Street Breathed a Sigh of Relief when Eliot Spitzer moved into the governor's mansion in Albany. Word was that Andrew Cuomo, New York's newly elected attorney general, had other fish to fry. And, sure enough, he went on to make...
By KAREN DONOVAN
Oct 01, 2007 (Registered Rep) -- Brokerage firms can say anything they like on a departing broker's Form U5, even if it's defamatory in nature - and untrue. That's because the New York Court of Appeals ruled in Rosenberg v. MetLife Inc. that brokerage firms were entitled to an "absolute privilege" for the statements they place on the U5...
U-5 Process Could Compound Job Problems
By CAROL E. CURTIS
(c) 2007 Securities Industry News and SourceMedia, Inc. All rights reserved.
Aug 20, 2007 -- While investors may be worried about losing money in the current volatile market, securities industry professionals have a self-interest at stake: their jobs. In what could be a leading indicator, Bear Stearns Companies said Thursday that it is cutting 240 jobs in its mortgage lending unit. Read more...
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INDUSTRY WATCH
Aug 06, 2007 -- New York Firm Opens Shop in Century City
New York-based securities firm Singer Deutsch has opened an office in Century City. Partner John Singer, who is licensed to practice in California, will split time between the firm's Century City and New York offices. The new office is located at 1901 Avenue of the Stars, 2nd Floor, Los Angeles, CA 90067.
Arbitration Award Against Barclays Capital in a Bonus/U-5 Defamation action:
On July 26, 2007, an NASD Arbitration Panel awarded our client, a former Analyst within Barclays Capital's Investment Banking Division, substantial compensatory damages and an Expungement of the language on her Form U-5. In granting her request for an Expungement, the NASD Arbitration Panel concluded that Barclays defamed our client.
