Managers of Wealth Americas

Bank of America seeks end to lawsuit tied to AIG case

The bank argued in papers filed late Tuesday in Manhattan federal court that shareholders should have known the insurer might sue, based on published reports several months earlier.

Nadel’s Hedge Fund Ponzi Scheme Victims Receive $25 Million Settlement

A case that has been pending for over three years, S.E.C. v. Arthur Nadel, has been somewhat resolved.

Citigroup pays £373m to settle debt claims

The class-action suit, which was filed in New York in 2009, accused Citi of employing a “CDO-related quasi-Ponzi scheme” to conceal the growing risks on its balance sheet from the mortgage-backed debt and collateralised debt obligations (CDOs)

A Reprieve for New York Fed in Libor Case

The reprieve will afford the New York Fed an additional month to comply, according to people briefed on the matter.

Hedge-Fund Marketing Could Begin New Era as SEC Set for Proposal

The proposal is driven by a law that repealed a ban on pitching such investments to all but a select few investors, such as those accustomed to pumping cash into hedge funds.

US banking reports put compliance in the spotlight

Standard Chartered and HSBC attract attention for compliance failures

Morgan Stanley Win on Brokerage Would Be Pyrrhic Victory

Morgan Stanley’s $9 billion valuation implies the joint venture’s profit could shrink by as much as 12 percent annually over the long term, according to Goldman Sachs Group Inc. analysts.

HSBC Investigated for Money Laundering

Furthermore, the investigators were also probing whether HSBC circumvented US law by transferring money through its American subsidiary for sanctioned nations, including Iran, Sudan and North Korea.

US regulations probed at forum

The event was organised by the Bahrain Association of Banks and accountancy practice KPMG Fakhro to update the delegates on the best approach for Bahrain.

Baker & McKenzie Retains Global Top Spot With Record Revenues

Baker’s profit per partner fell 9 percent to a three-year low of $1.09 million, however, with the firm’s profit margin dropping 4 percentage points to 34 percent.

U.S. Regulators May Give Banks More Time to Run Stress Tests

The regulators proposed rules in December and January to require the big banks -- holding companies under the Federal Reserve and national banks under the Office of the Comptroller of the Currency -- to start self-testing their portfolios against adverse

French banks investigate potential breach of U.S. sanctions

Neither would confirm whether the inquiries concerned U.S. sanctions against Iran, which have led to investigations at rival banks such as UniCredit and RBS and have already cost Standard Chartered a hefty fine.

SEC charges former Sky Bell hedge fund manager Gary Marks for misrepresentations

In its complaint, the Securities and Exchange Commission (SEC) accused Marks of recommending various funds of funds through Sky Bell Asset

Regulators should avoid product control, Citigroup CEO says

CEO says dividing Citibank would be an ‘artificial separation’

Merrill brokers’ pay deal goes to US judge for approval

The judge said she will rule later on preliminary approval.

Complaint filed with Israeli Banking Regulation against Bank HaPoalim

The conduct of the US government and Bank HaPoalim in this case is particularly unreasonable, given that the bank in question is located in Jerusalem - Corpus Separatum by international law.

Kuwaiti investment firm targets Carlyle in $25m claim

"NIG argues that the investment contract is void because Carlyle, despite doing business for years in the Middle East, has never had a securities licence in Kuwait," the firm said.

US investigates UniCredit over sanctions ‎

Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions.

Husband Sues Advest, Credit Suisse, And Two Stockbrokers Over Wife's Unauthorized Withdrawals

Respondents requested the expungement of the matter from Respondents Bilski’s and Clish’s Central Registration Depository records (“CRD”).

Top CFPB Rulemaker Decamps for Law Firm

Chanin won't start until September, a media representative of Morrison & Foerster said.

Legal, Regulation & Compliance