Elon Musk’s Settlement With The SEC Is A Warning Shot For CEOs

Perhaps the biggest complaint by investors following the 2008 financial crisis was that not a single Wall Street executive was held accountable for their misdeeds. People were upset, angry and annoyed. After all, Wall Street banks nearly led to the  collapse of the global financial system. Indeed, the fall of Lehman Brothers, Bear Stearns and …

Phan, et al., v. Ivy Investment Management Company, et al. – NOTICE OF PENDENCY AND SETTLEMENT OF SHAREHOLDER DERIVATIVE ACTION

Please find below the Amended Stipulation and Agreement of Settlement and the Amended Notice of Pendency and Settlement of Shareholder Derivative Action in Phan, et al., v. Ivy Investment Management Company, et al., Case No. 16CV02338, pending in the District Court of Johnson County, Kansas.   DOCUMENT LINKS: Amended Stipulation and Agreement of Settlement Amended …

Target, Microsoft Lead Move Away From 401(k) Stock Investments – Bloomberg BNA

Large public companies are beginning to rethink offering their own stock as an investment option in 401(k) plans available to their employees.  Companies are instituting various measures to either reduce, or in some cases outright eliminate, employer stock holdings in retirement accounts.  Zamansky LLC Partner Samuel Bonderoff told Bloomberg Law “I don’t know exactly what’s driving …

Lawsuit: Lifetouch ‘unjustly enriched’ departing executives while employee stockholders lost millions – StarTribune

The StarTribune discusses the details of the ERISA class action lawsuit against photography company Lifetouch Inc. recently filed by Zamansky LLC on behalf of current and former Lifetouch employees who participated in the company’s stock ownership plan.  StarTribune reporter Jackie Crosby reached out to Zamansky LLC Partner Sam Bonderoff for comment:  “Here you had fiduciaries …

Lifetouch Directors Sued Over Company Stock in Retirement Plan – Bloomberg BNA

Bloomberg’s Jacklyn Wille discusses the recent ERISA class action lawsuit filed against photography company Lifetouch Inc.  The suit, filed by Zamansky LLC on behalf of current and former Lifetouch employees, alleges that Lifetouch ESOP participants “suffered ‘hundreds of millions of dollars’ in damage by investing in the company’s employee stock ownership plan over the past …

Jacob Zamansky Comments on CNBC’s Investigation into Riot Blockchain

CNBC recently launched an investigation into Riot Blockchain, which until October was called Bioptix.  The company owned a veterinary patent and researched and developed new ways to test for diseases.  The October name change, followed by spike in share price from $8 to more than $40, caught the eye of the SEC.  Chairman Jay Clayton …

Investors Should Beware Of Potential Cryptocurrency Investment Rip-Offs

Bitcoin has reached the mania stage, starting 2017 trading at $1,000 before almost hitting $20,000 last month and then falling to $10,000 on Tuesday. The skyrocketing price of bitcoin and other cryptocurrencies has attracted scads of speculators looking to make a quick buck, setting off alarm bells for securities regulators. The Securities and Exchange Commission, …

Broken bonds: The role Wall Street played in wiping out Puerto Ricans’ savings – CNBC

In a recent investigation into the plummeting of bond funds largely made up of Puerto Rico government bonds, CNBC revealed that broker-dealers on the Island, such as UBS, Santander Securities, Popular Securities, and Merrill Lynch, were less than “forthcoming about the extent of the risks of those bond funds” to “both its clients and brokers….”  …