Chistopher J. Gray. P.C. and its co-counsel filed an Amended Complaint in the consolidated class action lawsuit against, among others, Bank of America and certain commodities Futures Commission Merchants alleging aiding and abetting commodities fraud in connection with a fraudulent “Ponzi” scheme known as Agape operated by a man named Nicholas Cosmo (who has also…
Continue reading ›The U.S. District Court for the Southern District of New York (Judge Shira A. Scheindlin) has denied several defendants’ renewed motions to dismiss the commodities manipulation class action complaint against a hedge fund known as Amaranth. The Court has now denied motions to dismiss filed by two of Amaranth’s domestic feeder funds, its master fund…
Continue reading ›Christopher J. Gray and his co-counsel, Louis F. Burke and Benjamin L. Del Vento, have filed a class action case against Nicholas Cosmo, an alleged Ponzi scheme promoter, as well as Bank of America and several commodities brokerages that carried accounts to which Cosmo allegedly diverted investor funds. The class action complaint alleges that starting…
Continue reading ›Merrill Lynch & Co. must pay an investor $39.8 million in compensatory damages because of negligence on the part of one a subsidiary broker-dealer, an Albany, New York FINRA arbitration panel has ruled. The FINRA panel issued the award to Trustees of the Masonic Hall & Asylum Fund, which is an endowment for an Utica…
Continue reading ›The antitrust class action filed by Christopher J. Gray, P.C. and several other firms in the U.S. District Court for the Eastern District of Texas (Winn v. Alamo Title Insurance Co., et al.) alleging price-fixing in the market for title insurance has been transferred to the U.S. District Court for the Western District of Texas…
Continue reading ›Christopher J. Gray today argued before a panel of the U.S. Court of Appeals for the Second Circuit seeking reversal of an order granting dismissal of class action claims against Morgan Stanley arising out of Morgan Stanley’s alleged conceealment of, misrepresentations concerning the existence of, and destruction of, e-mail evidence. The three-judge panel reserved decision,…
Continue reading ›Beginning March 30, 2009 investors claiming losses of up to $100,000 will have the option of proceeding before a single arbitrator rather than a panel of three arbitrators. The SEC has approved the final rule change (see full Notice, accessible immediately below). While any final conclusion concerning whether the rule change will prove beneficial to…
Continue reading ›Christopher J. Gray, P.C. filed a lawsuit on January 27, 2009 against JPMorgan Chase & Co. on behalf of an investor who incurred substantial losses in his trades in Bear, Stearns options between March 12 and 14, 2008- in the immediate aftermath of statements by the senior management of Bear, Stearns to the effect that…
Continue reading ›Independent financial fraud investigator Harry Markopolos testified before the U.S. Congress yesterday and chronicled the over eight years he spent attempting to inform the Securities and Exchange Commission and other regulators that Bernie Madoff was a fraud. Mr. Markopolos said that he was retained by a client in 1999 to “reverse-engineer” Madoff’s investment portfolio and…
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