Banking

  • November 8, 2006

    OFHEO Forced To Turn Over Fannie Mae Documents

    A federal judge has ordered the Office of Federal Housing Enterprise Oversight to cough up documents related to two former Fannie Mae executives who directed the company amid accounting misdeeds totaling $10.6 billion.

  • November 8, 2006

    Hartford Units Put Up $55M To Settle SEC Charges

    Three subsidiaries of Hartford Financial Services Group Inc. have resolved allegations of directed brokerage practices by agreeing to shell out $55 million.

  • November 8, 2006

    Privacy Ombudsman Appointed In Refco Case

    Following through on an order signed last week by the federal judge in charge of Refco Inc.’s Chapter 11 case, U.S. Trustee Diana G. Adams has appointed a consumer privacy ombudsman in connection with the proposed sale of customer and marketing information pertaining to Refco F/X Associates LLC's foreign exchange clients.

  • November 7, 2006

    Global Power's Bid To Retain Advisors Put On Hold

    The judge in charge of Global Power Equipment Group Inc.’s bankruptcy proceedings has reportedly stalled the debtors’ attempts to hire two firms to provide financial and restructuring advice until a shareholders committee is formed and has a chance to weigh in.

  • November 7, 2006

    Bank Of New York Reaches Agreement With SEC

    The Bank of New York Co. has reached agreements in principle with the U.S. Securities and Exchange Commission over its alleged involvement in illegal market-timing.

  • November 7, 2006

    NASD Fines Chase, MetLife $1.66M

    The National Association of Securities Dealers on Tuesday fined Chase Investment Services Corp. of Chicago and MetLife Securities Inc. of New York a combined $1.66 million for failing to adequately supervise sales of 529 college savings plans.

  • November 7, 2006

    SEC Settles Off-Shore Short-Selling Case

    A Bermuda company and its lone trader have agreed to pay $1.6 million to settle civil charges of short-selling 176 public offerings from January 2001 through July 2005, the U.S. Securities and Exchange Commission announced Monday.

  • November 7, 2006

    SEC Names New Deputy Secretary

    The U.S. Securities and Exchange Commission on Tuesday appointed senior special counsel Florence Harmon to the position of deputy secretary.

  • November 7, 2006

    Discrimination Suit Against Merrill Expands

    A racial bias lawsuit against Merrill Lynch & Co. heated up Monday when 16 current and former African-American employees filed a motion to join original plaintiff George McReynolds in the case.

  • November 6, 2006

    E.U. To Continue Visa Probe, Despite Settlement

    Although Visa International and Morgan Stanley have agreed to settle their long-standing antitrust dispute in Europe, their settlement will not automatically halt the ongoing European Commission probe into Visa’s potentially anti-competitive behavior, Commission regulators said Monday.

  • November 6, 2006

    Lawyer-Turned-Fugitive's Conviction Affirmed

    A former partner at a Chicago law firm who spent 15 years on the run after being convicted of crimes including securities fraud, tax evasion and mail fraud has had a conviction upheld by an appeals court, but his sentence will be reassessed.

  • November 6, 2006

    DOJ Turns Its Eyes On Merrill In Private-Equity Inquiry

    Merrill Lynch’s private equity arm has become the latest target of the U.S. Department of Justice’s informal inquiry into the possible anti-competitive practices of private-equity firms, with the agency reportedly issuing a request for information to the financial giant.

  • November 6, 2006

    In $25.1M Deal, Bisys Buries Hatchet With SEC

    Bisys Group Inc. said on Friday it would fork over $25.1 million to settle an investigation into its financial restatements, just one month after the beleaguered mutual fund administrator shelled out $21.4 million for its role in a fraudulent kickback scheme that allegedly netted hundreds of millions of dollars.

  • November 6, 2006

    German Regulators Investigating General Re Subsidiary

    Berkshire Hathaway Inc. revealed Friday that German regulators have begun investigating a General Re subsidiary and one or more of its senior executives who may have violated laws governing nontraditional insurance products.

  • November 6, 2006

    Citigroup Settles 26 WorldCom Securities Lawsuits

    Citigroup has settled 26 lawsuits brought by individuals who had opted out of the WorldCom securities class action settlement, the company said in its latest filing on Friday with the Securities and Exchange Commission.

  • November 3, 2006

    Former China Construction Bank Head Jailed

    The second banking executive to take the fall in China’s crackdown on corruption, the former chairman of state-owned China Construction Bank was sentenced to 15 years in jail today for accepting bribes.

  • November 3, 2006

    Korean Court Denies Warrants For Private Equity Execs

    Three executives of American private equity group Lone Star Advisors Korea have escaped prosecution by Korean authorities, but one of the company’s executives was not so lucky.

  • November 3, 2006

    JPMorgan Wants Adelphia's Chapter 11 Plan Clarified

    JPMorgan Chase Bank NA has filed a statement telling the federal bankruptcy court overseeing Adelphia Communications Corp.’s Chapter 11 case that Adelphia’s reorganization plan must be clarified.

  • November 3, 2006

    UBS Bond Traders Depart Amid Treasury Securities Probe

    As Swiss bank UBS AG faces scrutiny by federal regulators over alleged improper manipulation of Treasury securities prices, two senior bond traders are set to leave the company’s trading desk.

  • November 3, 2006

    ISE Files Suit To List Dow Jones, S&P Options

    The International Securities Exchange is continuing its fight to compete with the Chicago Board Options Exchange, filing a lawsuit alleging that it should be able to list the Dow Jones Industrial Average and Standard & Poor’s 500 index options without a license.