The appeals court said the Securities and Exchange Commission’s actions and “regrettable inaction” are shielded by rules protecting government employees from lawsuits when they carry out a discretionary function or duty.
The decades-long fraud cost investors about $17.3 billion, Picard estimated. Since becoming the trustee for victims swindled in the scheme, Picard said he has recovered more than $9 billion.
The Mets have even more problems to worry about than just the start of spring training in the coming weeks. In fact, these problems could change the direction of the franchise for years to come. Those problems are major money issues with the owners.
A lawyer for the investors filed papers in federal bankruptcy court in Manhattan objecting to a settlement that will provide $7.2 billion to Madoff investors who lost their original investment.
In early trading, the Dow Jones industrial average rose 107 points, or 0.9 percent, to 11,683. The Standard and Poor’s 500-stock index gained 12, or 1 percent, to 1,270. The Nasdaq composite rose 33, or 1.2 percent, to 2,686.
Prosecutors say a suburban New York man lured investors into backing his plan for a children’s baseball facility, then embezzled tens of thousands of dollars to pay his home mortgage.
Pension funds, mutual funds and other big institutions all want a piece of the rehabilitated GM. That means the three dozen banks divvying up the new shares may not have much left for individual investors.
NEW YORK (AP) — A New York pair of identical twin thieves is headed to prison for scamming more than $2 million from dozens of people by making phony promises of can’t-lose stock investments.
The plan would begin with the Treasury Department converting $49 billion in preferred stock it holds in AIG into common shares, according to the report.
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