Bank of America Settles RMBS Suit for Nearly $17B
The bank has agreed to pay more than $9 billion in a cash penalty and $7 billion in aid to homeowners for selling flawed mortgage securities prior to the crisis.
Regulation
Lehman Brothers UK Pension Strikes Funding Deal
An agreement between the failed bank and its pension means members will not face having their benefits capped.
Former OCIO Client Sues JP Morgan for Losses
Annual fees rose 475% while assets fell in value under the bank’s care, an endowment alleges.
Fake Suicide, Prison Abuse Claims Won't Keep Ponzi Schemer from Jail
The founder of Bayou Hedge Fund Group—a $450 million fraud—has once again failed to give his felony sentence the slip.
Former ConvergEx Executive Charged with Fraud
Anthony Blumberg “directed a culture of deception and greed” at the offshore broker-dealer, according to an SEC enforcer.
Norway Steps Up Investor Pressure
The world’s largest owner of listed stocks appears to mean business on corporate governance.
KKR, Blackstone, TPG Settle Collusion Suit for $325M
Carlyle
Group remains the sole defendant facing trial for allegedly limiting
competition in leveraged buyout deals before the financial crisis.
Financial Reforms Are a House of Cards, Study Says
US
regulators have built reform laws based on an incomplete understanding of the
causes of the financial crisis, academics have said.
Asset Managers May Dodge ‘Systemically Important’ Label
US
regulators have announced a closer review of “industry-wide products and
activities” rather than individual managers in assessing systemic risk.
Are You Paying Too Much for Your Trades?
At least one financial regulator suspects you are.
Legal & General to Cut Jobs as Annuity Sales Plummet
The end of mandatory annuitization will likely mean a leaner workforce at the UK provider.
Dark Pool Inquiry Spreads to UBS, Deutsche Bank
The European
banking giants have been questioned by US regulators for possible securities
law violations concerning high frequency trading.
Op-Ed: Congress’ Temporary Pension Relief Is Hardly Relief At All
As legislators grapple over another highway bill funded on pension smoothing, former PBGC Director Charles Millard calls for the measure to be made permanent.
A Hippocratic Oath for Bankers?
More regulation won’t work, says a UK think tank and suggests bankers take the moral high ground.
SEC Allows Redemption Fees for Money Market Funds
The regulator is to introduce floating valuations and the option for redemption fees as part of an overhaul of money market fund rules.