05/10/2017
Barclays to Pay $97 Million for Overcharging Clients
Barclays also collected excess mutual fund sales charges or fees from 63 brokerage clients by recommending more expensive share classes when less expensive share classes were available
Legal, Regulation & Compliance
05/10/2017
Wells Fargo Probes Client Handling at Chicago Wealth Branch
Investigation is unrelated to ‘cross-selling’ scandal
05/09/2017
Chile: Ex-President Piñera Denies Hiding Fortune After Declaring Net Worth of USD $600 Million
Sometimes they criticize me because my net worth is very high, now apparently they criticize me because my net worth is not so high. I do not know how to please those who do not have good will towards me.
05/09/2017
‘Frustrated’ EU politicians step up pressure on US over Fatca
Members of the European Parliament have asked the European Commission to open talks with the US to make data exchange under the Foreign Account Tax Compliance Act (Fatca) reciprocal.
05/09/2017
Nomura Trader Portrayed as Thief at Ex-Colleagues' Fraud Trial
Frank DiNucci Jr. is testifying for prosecutors in plea deal
05/09/2017
US hedge funds raises the stakes on takeover for big North East employer Akzo Nobel
Activist investor Elliott Advisors is to take legal action to oust Akzo's chairman and force through a takeover by US rival PPG
05/08/2017
Finra Board to Focus on Rogue FAs, Unpaid Awards
The board will consider amendments to rules governing oversight of high-risk brokers and the companies that hire them as well as further guidance on supervision.
05/07/2017
Ex-Barclays Traders Settle With SEC Over Excessive Markups
Barclays agreed to pay a $1 million penalty for failing to supervise the traders
05/07/2017
Guaranty Bank shut down by federal regulators, taken over by First-Citizens
The FDIC says those branches will not reopen, and their ATMs will not operate.
05/07/2017
Congress may try to cancel Barack Obama's pension following his $400,000 speech to Wall Street
When it was first introduced last year, Mr Obama vetoed the legislation on the basis that it would force former presidents to fire their support staff.
05/07/2017
Cautionary fraud tale for pro athletes with sudden wealth
They want to avoid joining a long list of pros who have been steered into questionable investments.
05/04/2017
Asset manager Ron O’Hanley warns of sector’s ‘easy growth’
SSgA chief predicts more mergers and welcomes back-office automation to help trim costs
05/04/2017
Institutional Investors Have Increased Interest in Stone Harbor Emerging Markets Total Income Fund
These large entities often hire a team of analysts to perform research prior to the group purchasing a company’s stock.
05/04/2017
Puerto Rico Bankruptcy, Looming Pension Crises Underscore Value of Gold
Now is not the time for doom and gloom, though.
05/04/2017
David Leichtman Departs Big Law to Open Boutique Business and IP Trial Law Firm
Leichtman Law will handle international and domestic business and intellectual property litigation of all types, including in the media & entertainment, financial services, and life sciences industries, among others.
05/02/2017
Fox Rothschild enters Seattle with acquisition of 39-lawyer firm
As one of the fastest growing cities in the country, Seattle is a thriving metropolitan area with a pervasive and influential technology sector.
05/02/2017
Puerto Rico Faces Hedge Fund Lawsuits as U.S. Reprieve Ends
The cases filed Tuesday are the first of what’s expected to be a wave of new legal challenges from investors
05/02/2017
Cannabis in Canada - A Changing Legal Landscape: Financial Services
Accepting a security interest in cannabis may result in the lender holding title to a controlled substance and may increase the risk of exposure to possible regulatory or criminal liability.
05/02/2017
Hedge Funds Become Latest Target for Whistleblowers: $40 Million Settlement in Tax Case Demonstrates Broad Reach of New York’s False Claims Act
The basis for the fraud claim, may usher in a whole new wave of potential liability against hedge funds and similar businesses.
05/01/2017
UBS pays $445 million over toxic mortgages, failed U.S. credit unions
It has recovered nearly $4.8 billion from banks over mortgage securities it said led to the 2009 and 2010 failures of five credit unions.