A Chicago federal judge will allow the Securities and Exchange Commission to continue the bulk of its legal action against the former president and CEO of Navistar for allegedly misleading investors and the federal government by lying about Navistar’s development of a new diesel engine that met heightened emissions standards.
The mayor of Harvey has quickly agreed to pay a $10,000 fine as part of a settlement reached with the federal Securities and Exchange Commission, ending a legal action the financial watchdog agency launched over allegations the suburban city had improperly steered nearly $2 million in investors’ money away from an advertised hotel development project to the city’s general coffers.
A Chicago federal judge has ordered Chicago online brokerage firm Ditto Trade to pay $2.7 million to its former chief executive officer, for allegedly firing him because he informed federal securities regulators of possible misconduct by a high official with the firm.
A Chicago federal judge has refused to halt arbitration proceedings brought by investment firm UBS Financial Services against a former clerk, whom UBS has alleged helped steal company information with which to lure away customers. Alexander Freund worked as a part-time clerk for UBS in Chicago from Nov. 7, 2011, to Feb. 15, 2012, when he left to work for Wells Fargo.
A former clerk with UBS Financial Services in Chicago went to Chicago federal court last week, arguing the Financial Industry Regulatory Authority has no jurisdiction over him in a multi-million dollar arbitration action, brought against him by UBS for allegedly breaching his employment contract. On Sept. 10, Alexander Freund lodged a two-count complaint against New Jersey-headquartered UBS Financial Services, seeking declaratory judgment and an injunction.
A former chief executive officer of Chicago-based social brokerage firm Ditto Trade has secured a victory – mostly –over claims made against him in an ongoing legal battle with his former employers, who have alleged the former CEO worked to “undermine” the company after he was fired just nine months into his tenure.
The City of Harvey and its comptroller have diverted at least $1.7 million of bond proceeds earmarked for a hotel redevelopment project, according to the U.S. Securities and Exchange Commission.
