Lowenstein Sandler

When BHP Billiton made its offer to acquire Potash Corp., two residents of Madrid, Spain, made $1.1 million by buying out-of-the-money call options ahead of the announcement, the Securities and Exchange Commission claims. The SEC is suing the investors, and has frozen $1.1 million of their assets.

Days after reporting dismal holiday earnings, Borders Group is reportedly paying only some of the publishers it does business with, and the ones losing out are in the process of taking legal action.