Merrill, Goldman pressured by Cuomo on auction-rate debt
Business Law
Merrill Lynch & Co. and Goldman Sachs Group Inc. face increased pressure by New York State Attorney General Andrew Cuomo to settle claims they misled investors on auction-rate debt as Wachovia Corp. agreed to buy back $9 billion of the bonds.
Merrill's prior offer to repurchase $10 billion of the securities was inadequate and the firm may face ``imminent'' legal action, Cuomo said yesterday.
New York has subpoenaed about 25 firms involved in sales of auction-rate securities, including five that then settled. Goldman is among the firms being probed, he said.
Wachovia joined Citigroup Inc., Morgan Stanley, JPMorgan Chase & Co. and UBS AG in settlements stemming from a nationwide investigation into why auction-rate securities were marketed as safe as cash until the $330 billion market collapsed. Regulators have sought auction-rate buybacks for customers, reimbursement for consumers forced to sell securities at prices below face value and relief for institutional investors.
Related listings
-
Execs plead guilty to illegal Musgrove donations
Business Law 08/14/2008Two businessmen involved with a failed $55 million beef plant pleaded guilty this week to illegally contributing to a past campaign by a Democrat now in a tight U.S. Senate race.Former Mississippi Gov. Ronnie Musgrove, who is running for the seat vac...
-
HP-EDS deal price at issue in court hearing
Business Law 07/23/2008A shareholder group is trying to pressure Electronic Data Systems Corp. into demanding more than the $13.2 billion that Hewlett-Packard Co. has offered for the technology services company.The group said Monday it intends to ask a judge in Collin Coun...
-
Investment firms don't draw emergency loans
Business Law 07/11/2008In a sign of some improvement in the credit crisis, Wall Street firms for the first time didn't borrow from the Federal Reserve's emergency lending program and commercial banks also scaled back.Investment firms didn't draw such loans for the week end...
Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.