Securities and Exchange Commission News

SEC Probes Tesla Over Whistleblower Claims on Solar Panel Defects

SAN FRANCISCO/WASHINGTON–The U.S. securities regulator has opened an investigation into Tesla Inc over a whistleblower complaint that the company failed to properly notify its shareholders and the public of fire risks associated with solar panel system defects over several years, …

“Flashing Red”: Finance System Grows More Dangerous – Allianz CEO

FRANKFURT — Allianz Chief Executive Officer Oliver Baete said on Thursday that the financial world was getting more dangerous, not safer, setting an ominous tone for investors. Baete, who oversees one of the world’s largest insurers and asset managers, pointed …

JPMorgan Sues Tesla For $162M After Musk Tweets Soured Warrant Deal

NEW YORK–JPMorgan Chase & Co has sued Tesla Inc for $162.2 million, accusing Elon Musk’s electric car company of “flagrantly” breaching a contract the two corporate giants agreed in 2014 relating to warrants Tesla sold to the bank. Warrants give …

US Judge Revives Class-Action Claim in Wynn Resorts Lawsuit

LAS VEGAS (AP) — A federal judge in Nevada has revived elements of a securities fraud lawsuit seeking class-action status for allegations that executives at Wynn Resorts Ltd. knew about, but disregarded, reports of sexual harassment and misconduct against company …

Fla. Supreme: Insurer Can Pursue Malpractice Suit Against Law Firm That Botched Defense

Attorneys who are hired by insurance carriers to defend policyholders from lawsuits have a duty to represent the insured, but the insurer is paying their fees. Obviously, the insurer has a financial interest in the outcome of the litigation. They …

SEC Says GE to Pay $200M Penalty for Misleading Investors

WASHINGTON/CHICAGO — General Electric Co has agreed to pay a $200 million penalty to settle charges for misleading investors over how it was generating earnings in its power and insurance businesses, the U.S. Securities and Exchange Commission said on Wednesday. …

8th Circuit Finds No Coverage Owed in Separate Investor Schemes

In separate opinions, a federal appellate court affirmed rulings that insurers could dodge liability for wrongful acts by their policyholders because the actions were not covered by the policies. In a decision filed Sunday, a panel of the 8th Circuit …

GM Rethinks Planned Stake in Electric Vehicle Maker Nikola

NEW YORK — General Motors will not be taking a stake in the electric vehicle company Nikola, and the company said Monday that it was scuttling one of its marquee vehicles, an electric and hydrogen-powered pickup, after GM pulled technological …

U.S. Pension Funds Sue Allianz After $4B in Coronavirus Losses

FRANKFURT — Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown. Market panic …

AmTrust, Ex-CFO to Pay $10.5M to Settle SEC Charges Of Improper Reserves Reporting

The Securities and Exchange Commission (SEC) has charged insurance company AmTrust Financial Services and Ronald E. Pipoly Jr., its former chief financial officer, with failing to disclose material facts about how the company estimated its insurance losses and reserves for …