CALIFORNIA | LOCAL
December 23, 1993 |
The FBI has served a subpoena on the Metropolitan Transportation Authority for records of financial agreements between the now-defunct Los Angeles County Transportation Commission and two major investment firms. MTA officials say they are cooperating with investigators and believe the request is part of a larger national investigation of the two firms, Merrill Lynch and Lazard Freres & Co. "We're supplying the information that we've been asked for," said Alan Pegg, executive officer for administration with the MTA. "This may be more of a securities industry than an MTA issue.
August 10, 1996 |
Former Lazard Freres & Co. partner Mark Ferber was convicted Friday of fraud and bribery by a federal jury that found he wronged his municipal clients by failing to disclose the financial terms of a fee-splitting contract with Merrill Lynch & Co. The decision is the highest-profile victory for prosecutors in the government's crackdown on unethical practices in the $1.3-trillion municipal bond market and adds impetus to the Securities and Exchange Commission's investigation of Ferber.
June 5, 1998 |
ARV Assisted Living LLC said Thursday it adjourned its annual meeting this week for lack of a quorum--a rare event in the corporate world. The move reflects the legal tensions between the Costa Mesa operator of homes for the elderly and its largest shareholder. A real estate investment affiliate of the New York investment house Lazard Freres & Co., a unit that holds a 47.9% stake in ARV, didn't vote its shares at the meeting Wednesday morning. When only 48.
CALIFORNIA | LOCAL
May 1, 1996 |
After months of indecision, the Los Angeles County Metropolitan Transportation Authority announced Tuesday that it is taking legal action against Wall Street investment bank Lazard Freres & Co. for allegedly overcharging the agency by millions of dollars on U.S. Treasury securities. But because the MTA did not act until after a private whistle-blower filed suit, the county may miss out on a good chunk of any possible damage awards.
May 14, 1998 |
Worried that its expansion plans are being undercut by an ally, ARV Assisted Living said Wednesday it has filed a lawsuit to try to keep its largest shareholder from buying a Kentucky-based retirement home operator. The lawsuit is the latest twist in a knotty alliance formed last year between the Costa Mesa-based ARV, which also operates retirement centers, and an affiliate of the New York investment house Lazard Freres & Co. that now owns almost 50% of ARV.
November 7, 1995 |
Lazard Freres & Co., one of Wall Street's most prestigious investment banks, is considering closing its municipal finance division amid mounting allegations of wrongdoing by the unit. In a related development, the Los Angeles Metropolitan Transportation Authority confirmed Monday that it has demanded that Lazard reimburse it for allegedly overcharging the agency on U.S. Treasury securities in a transaction arranged by Lazard's municipal finance unit in 1993.
CALIFORNIA | LOCAL
July 11, 1995 |
Vowing legal action to recover $8 million, Los Angeles County's Metropolitan Transportation Authority said Monday it believes that two Wall Street investment firms--Lazard Freres & Co. and Goldman Sachs--overcharged it for U.S. Treasury securities from 1991 to 1993. MTA spokeswoman Andrea Greene also said the Securities and Exchange Commission is investigating the alleged overcharging.
October 27, 1995 |
In the biggest case so far in a federal crackdown on fraud in municipal finance, Wall Street investment banks Lazard Freres & Co. and Merrill Lynch & Co. agreed Thursday to pay a total of more than $24 million to settle civil charges that they defrauded four public agencies. The U.S. attorney's office in Massachusetts also obtained a criminal indictment against a former Lazard executive, Mark S. Ferber.
December 17, 2001 |
Bruce Wasserstein, the New York banker tapped to run Lazard, the largest privately held investment bank, is attempting to placate partners in Paris after some threatened to quit, company officials said. Partners in Paris meet today to approve changes in the firm's organization, a prelude to a full vote later this week to transfer control to Wasserstein from Michel David-Weill.
September 28, 2004 |
Privately held investment banking giant Lazard may be moving closer to joining the ranks of publicly traded companies, sources say. Bruce Wasserstein, the firm's chief, this week will lay out plans to take Lazard public in a transaction that would value the company at about $3 billion, people familiar with the matter said Monday.