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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What Is Meant by ‘No-Fault’ Workers’ Compensation in Illinois?
If you were injured in a work-related accident and have been researching workers’ compensation, you may have seen it described as a “no-fault” system. One of the most important things to understand about the workers’ compensation system in Illinois is that it is based on a “no-fault” system. What does this mean, exactly?
Most employers in Illinois are required by law to have workers’ compensation insurance. And the workers' compensation in Illinois is a “no-fault” system, which means that any worker who has been hurt on the job is entitled to workers' compensation benefits. If you have been hurt on the job, you are entitled to workers’ compensation benefits no matter whose fault the accident was.
A no-fault insurance system, such as workers’ comp, works by paying claims regardless of who is to blame for an accident. This provides an important layer of protection for injured workers, sparing them from having to through additional litigation and the through the additional burden of proving who was at fault before receiving benefits.
In Illinois, even though you don’t have to prove that your injury was your employer’s fault, you do have to prove that your injury happened at work or as a result of work. If you would like help to file your workers' compensation claim, Krol, Bongiorno, & Given’s experienced workers' comp lawyers are here to help. With over 60 years of combined legal experience, the KBG law firm is a leader in the field of workers’ compensation law and we have earned the reputation as aggressive advocates for injured workers before the IWCC.