SEC investigating bank over auction-rate securities sales
Areas of Focus | 2008/08/11 15:45
The Bank of New York Mellon Corp. disclosed Friday in its quarterly report that the Securities and Exchange Commission is investigating possible breaches of procedure by one of the bank's subsidiaries in auction-rate securities sales and purchases. Auction-rate securities are long-term bonds with varying interest rates that change based on weekly or monthly auctions. In the report, bank officials wrote:

   The Company self-disclosed to the SEC that Mellon Financial Markets LLC placed orders on behalf of issuers to purchase their own Auction Rate Securities. The SEC is conducting an investigation of those transactions. MFM is cooperating fully with the SEC in its investigation.

On Thursday, the SEC agreed to a preliminary settlement with financial firm Citigroup Global Markets, Inc. over the firm's auction-rate securities practices, and Friday the agency entered into a similar settlement with the firm UBS. UBS is also facing a lawsuit filed late last month by New York Attorney General Andrew Cuomo for allegedly misrepresenting auction-rate securities as low-risk despite the actual volatility of such investments.


[PREV] [1] ..[1781][1782][1783][1784][1785][1786][1787][1788][1789].. [1945] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
Court says Baltimore police could..
Court rules Italy's Berlusconi ca..
Program offering chance to avoid ..
Court: Skechers shoe nearly ident..
Court upholds convictions of 2012..
Olivia de Havilland asks court to..
Court asked to toss more cases ti..
Court to hear challenge to Winona..
Analysis: Voter ID Fight Testing ..
Raptors president fined $25K for ..
Law firm hired to investigate eco..
Arkansas officials ask court to k..
Bakery appeals to UK Supreme Cour..
Man tests positive for drugs whil..
Supreme Court to hear appeal of M..
Trump travel ban is focus of Supr..
Court won't reconsider making pub..
Supreme Court upholds challenged ..
Lake County courts to switch to o..
Judge fights for job after admitt..




Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
China trademark registration lawyer
www.ctplo.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Houston Estate Administration Lawyer
www.trishaenglishlaw.com
Car Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Law Firm Web Design Templates
Lawyer Website Templates
www.webpromo.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

Law Firm Website Design by Lawyer Website Design Blog - Lawyer Web Site Design That Works