Search Results for: US Justice Department
Lawyers trained to help deal with transnational cases
July 23rd, 2014
More training will be offered to law firms and lawyers specializing in cross-border lawsuits to expand their presence in an area dominated by foreign competitors, a senior official from the Justice Ministry said. By next year, the All-China Lawyers ...
JPMorgan begins to provide consumer help under $13 billion settlement
July 22nd, 2014
JPMorgan Chase & Co has begun to provide the debt forgiveness and other help to struggling homeowners under last year’s $13 billion accord with federal and state authorities, though it has only turned over a handful of details, a ...
High & Low Finance: Citigroup’s Settlement, Pro and Con
July 18th, 2014
The punishment did not fit the crime, or at least it did not fit the crime that was charged. Citigroup’s $7 billion settlement of charges that it sold bad mortgage securitizations is a classic example of prosecutors striking a ...
Litigation costs hit Bank of America quarterly profit
July 16th, 2014
Bank of America Corp (BAC.N), the second-largest U.S. bank by assets, reported a 43 percent drop in second-quarter profit as mortgage revenue fell and litigation costs soared. Earnings attributable to shareholders fell to $2.04 billion, or 19 cents per ...
S&P open to paying up to $1 billion to settle DOJ lawsuit
July 16th, 2014
Standard & Poor’s Ratings Services decided to settle a pending lawsuit with the U.S. Department of Justice (DOJ) and is open to paying about $1 billion to settle it, the Wall Street Journal reported citing people familiar with the ...
Bank Earnings Give Stocks a Boost
July 15th, 2014
A better-than-expected earnings report from Citigroup C +3.02% helped kick-start a rally in stocks, lifting market indexes nearly back to levels seen before last week’s swoon. Many investors remain optimistic about the outlook for stocks broadly, amid improving U.S. ...
Citigroup Said Poised to End Mortgage Probe With $7 Billion Deal
July 14th, 2014
Citigroup Inc. (C) and U.S. authorities will announce a $7 billion agreement as soon as today to end probes of the bank’s sales of mortgage-backed bonds, according to a person with direct knowledge of the matter. The deal, signed ...
U.S. prosecutors offer junior UK traders immunity in forex probe
July 14th, 2014
Prosecutors from the U.S. Department of Justice are offering immunity deals to junior traders in London as they continue to investigate the alleged rigging of foreign exchange rates by banks and senior traders, the Financial Times reported, citing sources. ...
Commerzbank may pay $600 million-$800 million to settle U.S. probe
July 10th, 2014
German lender Commerzbank AG is expected to pay between $600 million and $800 million to resolve investigations into its dealings with Iran and other countries under U.S. sanctions, sources familiar with the matter said. The penalty, previously reported to ...
Holder won’t meet with BofA CEO as mortgage talks stall
July 10th, 2014
Attorney General Eric Holder has formally refused to meet with Bank of America Corp Chief Executive Brian Moynihan to hammer out a multibillion-dollar deal, as talks to resolve probes into shoddy mortgage securities sold by the bank and its ...