03/10/2014
US firms muscle in on Hong Kong
Hong Kong IPO activity is hotting up again, but UK legal stalwarts are looking over their shoulders as US rivals make up ground fast
Legal, Regulation & Compliance
03/06/2014
Jailed Broker Charged With Additional Fraud
A former Merrill Lynch and Smith Barney broker, who is already in jail for fraud, was indicted again in connection with a nearly two-decade-long scheme to drain clients’ investment and bank accounts
03/03/2014
SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds - Securities and Exchange Commission
In the traditional model, the primary adviser contracts with the subadvisers and compensates subadvisers from its primary advisory fee. In the “direct-pay” model, the fund contracts with and compensates directly the primary adviser as well as
03/03/2014
Northern Trust Sued for Punitive Damages in Case of Severely Disabled Woman
Financial Company’s Reckless Incompetence Costs Accident Victim Millions, Amended Lawsuit Claims
03/03/2014
Detroit to Pay $77 Million in Swaps Accord With UBS, BofA
The settlement, which is a 70 percent reduction in the amount the city was liable for under the 2009 agreement, will release Detroit from claims by the banks and provide “greater certainty with respect to the city’s cash flows and liquidity,&a
02/28/2014
Jefferies Executive Tells Jurors Lying to Clients Improper
A colleague of former Jefferies & Co. bond trader Jesse Litvak, who is on trial in Connecticut for fraud in the trading of mortgage-backed securities, testified that it’s against the firm’s policy to lie to clients.
02/28/2014
Old man sues Citi Bike, NYC for $15M after crash
Saying the accident left him unable to taste or smell
02/25/2014
U.S. scrutinizing Swiss insurers in offshore probe
U.S. prosecutors are widening their probe of how Swiss banks helped wealthy Americans avoid taxes to look at insurers as well
02/25/2014
U.S. SEC Plans Tougher Oversight of Large Asset Managers
The U.S. Securities and Exchange Commission is developing a plan to step up its scrutiny of the country's largest and riskiest asset managers
02/25/2014
Bank of America faces new regulatory probes into housing and foreign exchange practices
Bank of America is facing new probes into its mortgage practices as well as its foreign exchange business.
02/24/2014
Marijuana Money Isn't Welcome at This Bank
Even though the federal government has eased the way for banks to do business with the marijuana industry, at least one major lender is refusing to take the bait.
02/24/2014
Credit Suisse Private Banking fined $196 million for US regulatory transgressions
The Securities and Exchange Commission today announced charges against Zurich-based Credit Suisse Group AG for violating the federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without first registe
02/24/2014
UBS seeks immunity as US and EU probe currency market rigging
UBS is seeking immunity in the US and European Union as part of the global investigation of currency markets
02/21/2014
SEC Announces Initiative Directed at Never-Before Examined Registered Investment Advisers
These examinations will concentrate on the advisers’ compliance programs, filings and disclosure, marketing, portfolio management, and safekeeping of client assets.
02/21/2014
Investors with investments linked to Bernard Madoff
Investors with investments linked to Bernard Madoff may have the opportunity to claim compensation.
02/20/2014
Hedge Fund Suit Seeks Identity of Anonymous Blogger
David Einhorn has filed a lawsuit seeking to unmask the identity of an anonymous financial blogger who, he says, disclosed that Mr. Einhorn’s hedge fund was buying shares in a technology company.
02/20/2014
Investors and Royal Bank of Scotland Agree to $275 Million Settlement
Pension funds-led litigation results in third largest MBS class action payment
02/19/2014
Investment firm accused of fraud in silver sales
An investment firm in West Palm Beach and its owner must pay nearly $1.6 million in penalties and return $4.7 million to about 200 customers it cheated on precious-metals transactions
02/19/2014
Former Wilmington Trust exec faces arraignment
A federal judge is presiding over an arraignment for a former Wilmington Trust executive accused of scheming with another bank executive to make improper loans to each other from their respective banks.
02/18/2014
Foreign banks bracing for tough US Fed capital rules
Overseas banks look set to win only minor concessions when the Federal Reserve signs off on new capital rules next week