Monthly Archives: November 2003
Kansas City, Mo.-Area Mutual Funds Deny Improper Trading
Nov. 21–Waddell & Reed Financial Inc. has so far found no signs of improper trading in its mutual funds, the company’s CEO said Thursday at a conference in New York. American Century Investments and the Buffalo Funds, both based in […]
SEC Charges Mutual Fund Executives As Spitzer Builds Case against Strong CEO
Nov. 21–New York state and federal regulators filed civil fraud charges against mutual fund industry legends Gary Pilgrim and Harold Baxter Wednesday, turning up the heat on an expanding probe thathas been roiling the fund business for months. The suits […]
Chicago Tribune Bill Barnhart Column
Nov. 21–STOCKS SAG AMID TERRORISM WORRIES: Last week, I quoted a stock market analyst saying the slippage in stock prices is a “pause that refreshes.” It was no surprise that solid gains in September and October prompted a bout of […]
Regulators Charge Former Mutual Fund Stars with Allowing Improper Trades
Nov. 21–Federal and state regulators yesterday charged former mutual fund stars Gary Pilgrim and Harold Baxter with allowing favored investors to make improper trades in funds managed by the companythey founded. The pair is the highest-profile defendants yet in a […]
Foreign-exchange traders snared in Wall Street sting
A lone FBI agent working undercover for 18 months broke open the dramatic New York case that led to the raids and arrests of a slew of foreign-exchange traders in Manhattan on Tuesday, officials saidyesterday. The giant sting – dubbed […]
Bernstein Liebhard & Lifshitz, LLP Announces Class Action Lawsuit Commenced Against AllianceBernstein Technology Fund, AllianceBernstein Fund, Inc., Alliance Capital Management Holding L.P., Alliance Capital Management L.P., Alliance Capital Managemen
NEW YORK, NY — (MARKET WIRE) — 11/19/2003 — A class action lawsuit was commenced in the United States District Court for Southern District of New York on behalf of all persons who purchased orotherwise acquired shares or other ownership […]
PBHG Founders Charged in Trading Case
NEW YORK (AP) – Regulators filed civil fraud charges against the two founders of the Pilgrim Baxter mutual fund family Thursday, saying they made millions for themselves and friends in an impropertrading scheme that harmed other fund shareholders. Gary Pilgrim […]
Dollar up on hedge fund purchases induced by repatriation+
TOKYO, Nov. 21 (Kyodo) — The U.S. dollar rose slightly against the yen Friday morning in Tokyo as some U.S. hedge funds converted yen-denominated shareholdings into dollars to repatriate prior tothe Nov. 30 book-closings. The late-morning dollar selling pared most […]
Bernstein Liebhard & Lifshitz, LLP Announces Class Action Lawsuit Commenced Against AllianceBernstein Technology Fund, AllianceBernstein Fund, Inc., Alliance Capital Management Holding L.P., Alliance Capital Management L.P., Alliance Capital Managemen
NEW YORK, NY — (MARKET WIRE) — 11/19/2003 — A class action lawsuit was commenced in the United States District Court for Southern District of New York on behalf of all persons who purchased orotherwise acquired shares or other ownership […]
PBGH founders charged in market timing case
NEW YORK (AP) — The founders of the Pilgrim-Baxter fund family were charged by state and federal regulators Thursday with improper trading of their funds to benefit themselves and friends at theexpense of longer-term shareholders. The civil actions by the […]
Strong’s Trades Exceeded Guidelines, Director Says
Nov. 20–Richard S. Strong’s trades in his company’s mutual funds exceeded prospectus guidelines, the managing director of Strong Financial Corp.’s institutional business said Wednesday. Managing Director F. Jon Baranko said Strong’s prospectus says two in-and-out trades in a month or […]
Asian stocks closed mixed despite U.S. gains
HONG KONG (AP) — Tokyo shares rebounded Thursday after technology and banking blue chips got a boost from gains on Wall Street, but other Asian markets closed mixed. Japan’s Nikkei Stock Average of 225 issues surged 251.10 points, or 2.6 […]