SEC investigating bank over auction-rate securities sales
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The Bank of New York Mellon Corp. disclosed Friday in its quarterly report that the Securities and Exchange Commission is investigating possible breaches of procedure by one of the bank's subsidiaries in auction-rate securities sales and purchases. Auction-rate securities are long-term bonds with varying interest rates that change based on weekly or monthly auctions. In the report, bank officials wrote:
The Company self-disclosed to the SEC that Mellon Financial Markets LLC placed orders on behalf of issuers to purchase their own Auction Rate Securities. The SEC is conducting an investigation of those transactions. MFM is cooperating fully with the SEC in its investigation.
On Thursday, the SEC agreed to a preliminary settlement with financial firm Citigroup Global Markets, Inc. over the firm's auction-rate securities practices, and Friday the agency entered into a similar settlement with the firm UBS. UBS is also facing a lawsuit filed late last month by New York Attorney General Andrew Cuomo for allegedly misrepresenting auction-rate securities as low-risk despite the actual volatility of such investments.
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Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.