As you likely know by now, Lord Conrad Black, former CEO of Hollinger International and owner of, among other media properties, The Chicago Sun Times and The National Post, was convicted last week on 3 counts of money laundering and 1 count of obstruction of justice. He was acquitted on the remaining 9 counts of…
Author Archives: Mark
Subway Founder Loses NASD Arbitration – Not a Big Surprise
The co-founder of Subway recently lost his NASD arbitration claim, in which he alleged the UBS caused him $193 million in damages by improperly investing funds held by trusts he controlled in tech stocks before the 2001 market implosion. As Mr. Deluca discovered, NASD arbitration panels are not usually very investor friendly, especially when the…
Black Case Could Be Headed For Mistrial
Jurors in the trial of media mogul Conrad Black have advised the judge that they are unable to reach a verdict, and added in their note to the court that they have “read the jury instructions very carefully.” The New York Times provides this report: A jury in the racketeering and fraud trial of fallen…
SEC Will Not Appeal Fee Based Account Ruling
The SEC recently announced that it would not appeal a recent federal court decision banning certain kinds of fee based accounts, in a reversal of a decade old policy.
Russian Government Sues Bank of New York
Reuters reports that the Russian Federation has sued the Bank of New York in the Russian Court of Arbitration for money laundering, and seeks $22.5 billion in damages. I knoe that BNY’s recent history is somewhat sketchy, but there’s just soemthing so absurd about the Russians complaining about money laundering. And I’m sure BNY will…
Court Approves Jury Award Against Microsoft
A federal judge signed off on a $1.53 billion jury verdict in favor of Alcatel–Lucent in a digital music patent dispute against Microsoft.Judge Rudi M. Brewster of Federal District Court in San Diego concluded that Microsoft’s Windows Media Player software infringed on patents owned by Lucent Technologies, an American telecommunications equipment maker acquired last year…
Credit Suisse Banker Charged With Insider Trading
A Credit Suisse investment banker was charged today in an insider trading scheme linked to acquisitions involving nine publicly traded United States companies that netted a co-conspirator more than $7 million. The banker, Hafiz Muhammad Zubair Naseem, a 37-year-old Pakistani who worked for Credit Suisse’s Global Energy Group in New York, has been charged with…
Imus to File Suit
Disgraced radio host Don Imus will sue CBS Radio for the huge portion of his $40 million contract that was left unpaid after he was fired for racist and sexist comments, his attorney said Thursday. Martin Garbus, a First Amendment attorney, said he plans to file the breach of contract lawsuit by the end of…
Court Refuses to Dismiss Claims Against NYSE’s Thain
A New York state trial judge has denied a motion to dismiss fraud and breach of fiduciary duty claims against the New York Stock Exchange’s CEO, John Thain, the New York Law Journal reported this morning. The claims against Thain arise out of the Big Board’s merger with Archipelago Holdings in 2005, and its related…