09/15/2013
HSBC Joins Morgan Stanley in Plan to Screen for Money Laundering
HSBC accepted responsibility at the time and said it’s “a fundamentally different organization from the one that made those mistakes.
Legal, Regulation & Compliance
09/15/2013
Wells Fargo Provisions Top Losses by $19 Billion in Stress Test
Wells Fargo & Co. (WFC:US), the largest U.S. home lender, would survive $29.7 billion of loan defaults under a company-run stress test and stay above minimum regulatory capital levels in a severe economic downturn.
09/14/2013
Prominent Hedge Fund Attorney Joins Murphy & McGonigle
Her practice focused on enforcement defense and regulatory counseling of financial services firms.
09/12/2013
Investor drops US$8m claim against UBS
AN investor who sued UBS AG to recover more than US$8 million over an alleged mismanagement of his investment portfolio in the global financial crisis following the collapse of Lehman Brothers has withdrawn his suit after three days of trial.
09/12/2013
JPMorgan to spend $4 bln on compliance and risk controls-WSJ
JPMorgan Chase & Co plans to spend an additional $4 billion and commit 5,000 extra employees to fix risk and compliance issues after a slew of investigations by regulatory authorities.
09/12/2013
SEC Rejects Settlement With Former Money-Fund Managers
In a surprise move, the Securities and Exchange Commission scuttled a proposed settlement between the former managers of the Reserve Primary Fund and the agency
09/12/2013
Ex-JPM 'Whale' deputy argues he was just following orders -source
A lawyer for a former JPMorgan Chase & Co employee who worked with "the London Whale" Bruno Iksil, has been trying to convince U.S. prosecutors that his client was the unwitting victim of manipulation by his superiors.
09/11/2013
Morgan Stanley Employee Sues Over Whistleblowing Claims
He was demoted after he conducted audits and told superiors about the risks
09/11/2013
Mennen files $100 million suit against Wilmington Trust over investment losses
The case is in the document-discovery stage, with the heirs alleging in papers made public today that the bank produced as evidence...
09/10/2013
Luxury NYC property sought in Russian fraud case
U.S. authorities are looking to seize pricey Manhattan real estate linked to a tax fraud they say was uncovered by a whistleblowing Russian lawyer before he died behind bars.
09/09/2013
Barclays To Pay $36m To Settle Subprime Mortage Claims
Barclays has agreed to pay $36.1m to settle charges it hurt US homeowners by packaging subprime mortgages that the borrowers could not afford
09/09/2013
Canadian Lawyer Ronald Ross Joins Covington
Covington & Burling is pleased to announce that Donald Ross has joined the firm as senior of counsel in the firm’s New York office.
09/07/2013
Icap in talks to settle US and UK rate probe
Icap officials have said they are cooperating with various rate-rigging investigations and that senior executives weren't involved in any improper conduct.
09/05/2013
Bank of America, Merrill in $39 Million Gender Bias Settlement
Bank of America Corp agreed to pay $39 million to settle a gender bias lawsuit by female brokers who claimed they were paid
09/03/2013
Founder of $3 billion hedge fund busted in prostitution sting
he founder of a hedge fund with more than $3.2 billion under management was busted by police in Tigard, Oregon.
09/03/2013
NY regulator probes European banks over Turkish family
It was the latest move by New York banking Superintendent Benjamin Lawsky to clamp down on questionable practices by foreign banks in New York.
09/03/2013
About 35,000 Global Bank Employees May Face EU’s Bonus Curbs
The workers facing the EU rules, which would cap bonuses at twice annual pay, include 23,450 bankers in the U.K.
09/02/2013
Morgan Stanley Must Pay Ex-Trader $8 million in Flap Over Firing: Panel
Two Morgan Stanley units must pay $8 million to a former energy trader, who said the firms improperly terminated him for cause
09/01/2013
Merrill Lynch $160 Million Race-Bias Accord Goes to Judge
The settlement, which would end an eight-year legal battle if approved, is the third biggest in U.S. race-bias litigation.
08/29/2013
OppenheimerFunds settles crisis-era muni fund lawsuits for $89.5 mln
Shareholders said the losses were exacerbated because of the funds' failure to follow their rules, leaving them vulnerable to a credit crisis.