Rumor Mill News Reading Room Archive

AMMUNITIONS FOR CIVIL LAW SUITS

Posted By: economica
Date: Wednesday, 4-Dec-2002 15:14:23

In Response To: THE TROUBLE WITH BANKS (economica)

Banks fear liabilities in Wall Street probe By Joshua Chaffin and Gary Silverman in New York Published: December 3 2002 20:01 | Last Updated: December 3 2002 20:01 Leading investment banks are battling with US regulators to stave off heavy legal liabilities that could arise from a settlement of investigations into Wall Street conflicts of interest. As the two sides enter final negotiations, the banks are resisting admissions of wrongdoing and pressing regulators to limit the disclosure of evidence against them. The banks fear that investigators' findings included in a settlement could boost class-action lawsuits filed by investors claiming they were misled by Wall Street analysts. Investment analysts and legal experts estimate damages from such suits could exceed $5bn. The regulators, led by Eliot Spitzer, New York attorney-general, want to provide ammunition for civil suits that could lead to "restitution" for investors. MORE:

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1037872513921&p=1012571727088

Articles In This Thread

LARGEST PORK BELLY BILL EVER GRANTED IN US HISTORY
economica -- Wednesday, 4-Dec-2002 13:24:27

THE TROUBLE WITH BANKS
economica -- Wednesday, 4-Dec-2002 14:35:00

AMMUNITIONS FOR CIVIL LAW SUITS
economica -- Wednesday, 4-Dec-2002 15:14:23

Fraud Within The International Banking Community
Patriotlad -- Wednesday, 4-Dec-2002 15:20:39

THE BILL (ACT) HAS NOT PASSED
somtum -- Thursday, 5-Dec-2002 13:51:34