{"id":6002,"date":"2016-07-16T00:00:00","date_gmt":"2016-07-16T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/07\/securities_fraud_news_union_pe"},"modified":"2016-07-16T00:00:00","modified_gmt":"2016-07-16T05:00:00","slug":"securities-fraud-news-union-pe","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-news-union-pe\/","title":{"rendered":"Securities Fraud News: Union Pension Funds Settle Class Action Case for $64M, Deadline for Implementing Volcker Rule is Extended, and Ex-Panther Energy Trader Goes to Prison For Spoofing"},"content":{"rendered":"

$64M Pension Fund Fraud Settlement Reached Against Dana Holding Corp. Executives<\/strong>
\nPlaintiffs in the shareholder class action case brought against Michael Burns and Robert Richter have reached a $64M out-of-court settlement with the two ex-Dana Holding Corp. executives. The union pension funds include lead plaintiffs SEIU Pension Plans Master Trust, Plumbers & Pipefitters National Pension Fund, and the West Virginia Laborers Pension Trust Fund.<\/p>\n

They accused Bornes and Richter, the company\u2019s ex-CEO and CFO, respectively, of purposely misleading investors about Dana Holding\u2019s financial woes in the months prior to its filing for bankruptcy in 2006. Although the securities fraud case was initially dismissed by a district court on the grounds that the plaintiffs failed to show that the two men and Dana knew they were engaging in wrongdoing, the 6th U.S. Circuit Court of Appeals in Cincinnati reversed that decision, saying evidence showed otherwise.<\/p>\n

\nFederal Reserve Gives Banks More Time to Meet Volcker Rule Requirements<\/strong>
\nThe U.S. Federal Reserve has extended the deadline for banks to rid themselves of ownership in certain legacy investments and cut ties with funds that are barred under the Volcker Rule. The rule, part of the Dodd-Frank Act, aims to stop banks with government-backed deposits from betting on Wall Street for their benefit. It doesn\u2019t allow insured banks and their subsidiaries to own or be affiliated in any way with a private equity fund or hedge fund or take part in proprietary trading. Lenders are not allowed to trade using their own capital and are restricted from investing in funds.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

$64M Pension Fund Fraud Settlement Reached Against Dana Holding Corp. Executives Plaintiffs in the shareholder class action case brought against Michael Burns and Robert Richter have reached a $64M out-of-court settlement with the two ex-Dana Holding Corp. executives. The union pension funds include lead plaintiffs SEIU Pension Plans Master Trust, Plumbers & Pipefitters National Pension […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3804,3957,3741],"tags":[2638,2742,2540],"class_list":["post-6002","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits","category-pension-funds","category-securities-fraud","tag-federal-reserve","tag-spoofing","tag-volcker-rule"],"yoast_head":"\nSecurities Fraud News: Union Pension Funds Settle Class Action Case for $64M, Deadline for Implementing Volcker Rule is Extended, and Ex-Panther Energy Trader Goes to Prison For Spoofing — Investor Lawyers Blog — July 16, 2016<\/title>\n<meta name=\"description\" content=\"$64M Pension Fund Fraud Settlement Reached Against Dana Holding Corp. 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