Archive for October, 2011

Greek Debt Write-Down Threatens Credit Default Swaps

Filed October 31st, 2011 Julie

The European Union announced yesterday that it had reached an agreement where banks will write down their holdings of Greek bonds by 50 percent. The EU’s effort to resolve the region’s sovereign debt probably may actually hurt confidence in the credit-default swaps market. The chief lawyer for The International Swaps and Derivatives Association said they […]

Former bank execs face federal charges over securities fraud scheme

Filed October 17th, 2011 joshua

A pair of former officials and a former CEO United Commercial Bank in San Francisco have been charged with securities fraud by a grand jury in San Francisco. According to a BizJournals.com report, Ebrahim Shabudin and Thomas Yu were each charged with securities fraud by a grand jury. The Federal Bureau of Investigations and Securities […]

Ramada Inn owners named in Illinois minimum wage lawsuit

Filed October 12th, 2011 joshua

Illinois’ Dept. of Labor has filed a $19,000 lawsuit against the partner owners of a Ramada Inn & Suites located in the state, accusing the company of not paying minimum wage to two employees. According to a report at Pantagraph.com, the Dept. of Labor is seeking $19,000 in back wages and penalties from Landmark Hospitality […]

Defendants in life insurance investment scam receive lengthy prison sentences

Filed October 11th, 2011 joshua

The ringleaders of a life insurance settlement company were sentenced to lengthy prison terms for their role in a $100 million fraud scheme. According to a Bloomberg report, former part-owner of A&O Resource Management Ltd. Adley Abdulwahab received a 60-year sentence in a federal prison. His partner in the scheme, former co-founder of A&O Christian […]

AT&T employees seek three years of unpaid overtime pay

Filed October 5th, 2011 joshua

A class of 200 “front-line” managers at AT&T in Connecticut are preparing to go trial over their claims they are due overtime pay. According to a report from The Hartford (Conn.) Courant, the lawsuit is ready to be heard in a federal courtroom in Bridgeport. The class of AT&T employees included in the lawsuit were […]