Banking

  • April 11, 2006

    E.U.: Customers Paying Electronically Being Overcharged

    A report by the European Commission to be released later today will highlight exorbitant fees by credit card companies and other electronic payment systems, as well as a dearth of competition among companies that handle electronic payments.

  • April 11, 2006

    Merrill, Goldman Employees Named In Insider Trading Suit

    An alleged $7 million insider trading scandal involving employees of investment banks Merrill Lynch & Co. Inc. and Goldman Sachs Group Inc. has been exposed by federal prosecutors, who filed a criminal complaint against those involved on Tuesday.

  • April 10, 2006

    Appeals Court Rejects SEC Mutual Fund Rule

    A U.S. Securities and Exchange Commission rule requiring mutual fund chairmen to be independent from the companies that manage their funds has been rejected by a federal appeals court for the second time.

  • April 10, 2006

    Suit Alleges AIG Brokers Took Kickbacks

    A class action lawsuit has been filed against American International Group's mutual fund Advisor Group alleging that its broker/dealers purposely pushed and sold funds to individuals under the AIM mutual fund family so they would receive certain kickbacks.

  • April 7, 2006

    Citigroup To Pay $13M In WorldCom Settlement

    Investment bank Citigroup Inc. continues to feel the effects of the WorldCom accounting scandal Friday, after agreeing to pay $13.25 million to settle allegations that a former analyst misled investors with overly optimistic research.

  • April 7, 2006

    Investor Smacked With Refco Derivative Lawsuit

    Two fund members have slapped well-known investor and fund owner Jim Rogers with a fresh lawsuit, accusing the Beeland Management Co. owner of improperly transferring assets to unregulated futures broker Refco Inc. before it went bankrupt.

  • April 7, 2006

    Deposition Links Grasso To Hiding Pay Information

    Richard Grasso, the former chairman and chief executive officer of the New York Stock Exchange Inc., had an executive alter documents to hide the full amount of his compensation, according to a recent deposition.

  • April 6, 2006

    AIG Unit Fined $1.1M By NASD Over Brokerage Mishaps

    Already on the chopping block for accounting problems, American International Group Inc. has taken another hit, with the National Association of Securities Dealers this week imposing more than $1.1 million in fines on the insurance giant’s American General Securities Inc. unit for directed brokerage violations.

  • April 6, 2006

    Judge Throws Shareholder Suit In eSpeed Securities Action

    A shareholder lawsuit against eSpeed Inc., an electronic trading unit of Cantor Fitzgerald & Co., has been tossed by a federal judge, who ruled this week that the shareholders’ claims that executives misrepresented the success of one of the company’s discontinued pricing programs lacked factual basis.

  • April 6, 2006

    NASD Charges Brokerage Firm With Late Trading

    Securities regulator the National Association of Securities Dealers has filed a complaint against online discount brokerage firm A.B. Watley Direct Inc. and two of its former brokers, charging them with allowing late trading and improper market timing of mutual funds on behalf of hedge fund clients.

  • April 5, 2006

    Poland Yields In Bank Merger

    In a victory for the European Commission's drive to stamp out economic nationalism, Poland’s government has surrendered in its fight to block Italian lender UniCredit SpA from merging two Polish banks.

  • April 5, 2006

    Russian Bank Hits Refco Unit With Lawsuit

    Refco Securities LLC has been slapped with a lawsuit in a U.S court by Russia’s biggest commercial bank in an attempt to enforce a $121.7 million judgment issued by a court in the United Kingdom.

  • April 5, 2006

    SEC Charges Former Refco Brokers In Short-Selling Fraud

    A group of brokers, including three former Refco Inc. securities dealers, have been charged by the U.S. Securities and Exchange Commission with a short-selling scheme to ruin a software company to benefit a Swiss client.

  • April 4, 2006

    Consolidated Complaint Filed Against Refco

    Commodities broker Refco and its CEO Philip Bennett hid losses of nearly half a billion dollars from investors and bondholders, aided by the oversight of numerous underwriters, auditors and company officers, according to the consolidated class action complaint filed yesterday in a district court in Manhattan.

  • April 4, 2006

    Judge Witholds Full Consent For Refco's Bonuses

    Moderately swayed by Refco’s pleas, a federal bankruptcy judge has partially approved the struggling commodity brokerage’s request to pay key employees up to $4.1 million in bonuses and severance to prevent them from jumping ship.

  • April 4, 2006

    BofA Triumphs In Global Trade Technology Battle

    In a big upset, a federal jury has handed defendants Bank of America N.A. and S1 Corporation a victory in a long-simmering patent infringement suit brought by TradeCard Inc. over a purchase order processing system (POPS).

  • April 4, 2006

    Grasso Relinquishes Transcripts To Spitzer

    Caving to pressure, former New York Stock Exchange chairman Richard Grasso has decided to hand over a fiercely guarded deposition to the office of New York Attorney General Eliot Spitzer, marking a departure from his stance last month.

  • April 3, 2006

    Hedge Fund Head Settles SEC Charges

    A hedge fund manager settled U.S. Securities and Exchange Commission allegations Monday that claimed that he made false account statements and manipulated financial records to conceal losses from the short-selling of shares in Google Inc.

  • April 3, 2006

    Deutsche Bank Chairman Resigns Over Lawsuit

    Following a drawn-out legal dispute with German television mogul Leo Kirch, Deutsche Bank’s Rolf Breuer has stepped down as chairman after a court ruled that he and the bank may be held liable for remarks he made in a 2002 interview, which Kirch claimed triggered the financial collapse of his empire.

  • March 31, 2006

    Judge Chastises Arbitration Process In Brokerage Dispute

    A dispute between two brokerage firms over recruiting practices has turned into a forum for discussion on industry arbitration practices.