Banking

  • March 5, 2008

    Federal Investigators Probe Trader In $141M Loss

    Prosecutors are reportedly investigating a rogue trader whose unauthorized trades of wheat futures led MF Global Ltd. to lose $141.5 million in a single day.

  • March 5, 2008

    SEC Proposes Streamlining ETF Exemption Process

    The U.S. Securities and Exchange Commission has proposed two new rules, which, if approved, will allow certain funds to trade without obtaining an exemption from regulators.

  • March 5, 2008

    National Century Execs' Lose Bid For Acquittal

    Former executives of bankrupt National Century Financial Enterprises Inc., who are standing trial in Ohio for fraud, will continue their defense after a federal judge ruled against their request for acquittal.

  • March 5, 2008

    Charges Loom In Municipal Bond Probe: Report

    More than two dozen people and a slew of financial giants are reportedly going to be charged in connection with a long-standing federal investigation into alleged anti-competitive activities among bidders for municipal bond derivatives.

  • March 4, 2008

    R&G Financial Settles Suits Over Mortgage Sales

    A Puerto Rico-based financial holding company said Monday that it has agreed to pay about $29 million to settle a shareholder class action alleging that the company and some of its senior officers engaged in “egregious accounting fraud.”

  • March 4, 2008

    SEC Sues Brokerage Over $50M In Fraudulent Trades

    An investment company that lured the customers of a rival brokerage to transfer $49 million in mutual funds to its control has incurred the wrath of regulators, who have accused the firm of violating federal securities laws.

  • March 4, 2008

    SEC Proposes Tougher Naked Short-Selling Rules

    In a 3-0 vote, the U.S. Securities and Exchange Commission voted Tuesday to propose a new rule aimed at the illegal practice known as “naked” short selling.

  • March 4, 2008

    Trustee Attacks New Century's Disclosure Statement

    A U.S. trustee has attacked New Century Holdings Inc.'s Chapter 11 plan, joining a number of the bankrupt mortgage lender's creditors in saying the plan doesn't provide creditors with sufficient information for a vote.

  • March 4, 2008

    Trustee Fights Bonuses For Fieldstone Insiders

    The U.S. Department of Justice has appealed an order in Fieldstone Mortgage's Chapter 11 bankruptcy proceedings giving the firm permission to pay $431,000 in retention bonuses to seven company executives.

  • March 4, 2008

    Dechert Flip-Flop Highlights Firms' Staffing Dilemmas

    Economic uncertainty inspired by the widening credit crunch has left many top firms wrestling with the question of whether to reassign associates in slumping practice areas or to start making job cuts. Law firm Dechert LLP now seems to have done a bit of both.

  • March 4, 2008

    Hedge Funds To Sue SEC Over Web Site Restriction

    A group of hedge funds founded by shareholder activist Phillip Goldstein has announced plans to sue the U.S. Securities and Exchange Commission in a bid to reactivate a Web site shut down after action by Massachusetts regulators.

  • March 4, 2008

    People's Choice Files Blueprint For Liquidation

    People's Choice Home Loan Inc. has filed a plan of reorganization and disclosure statement, laying out a strategy for transferring the debtors' assets into three liquidating trusts.

  • March 4, 2008

    Edward D. Jones & Co. Faces FLSA Suit By Brokers

    Securities brokers fired off a nationwide collective action complaint Monday, alleging that Edward Jones & Co.'s policy of commission-based wages violates their right to overtime pay under the Fair Labor Standards Act.

  • March 4, 2008

    HTFC CEO, Attorney Fined For "Outrageous" Conduct

    HTFC Corp. CEO Aaron Wider was fined more than $16,000 on Friday after exhibiting “outrageous” conduct in depositions for the ongoing case between Wider's company and the two banks to which it sold millions of dollars of allegedly fraudulent loans. Wider's attorney was also sanctioned for his "complicity" in the conduct.

  • March 3, 2008

    Regulator Wants Banks' Detailed Data On Mortgages

    As part of an effort to help prevent struggling borrowers from losing their homes, a federal banking regulator has asked nine large national banks that service mortgages to hand over monthly reports filled with detailed loan data.

  • March 3, 2008

    Fannie, Freddie Set Up Appraisal Watchdog

    The two largest purchasers of home loans in the United States, Fannie Mae and Freddie Mac, have agreed to form a watchdog group that will help regulators oversee home appraisals.

  • March 3, 2008

    Consent Decree Entered In Vanguard Title VII Suit

    An investment management firm that oversees $1.3 trillion in assets has agreed to pay $500,000 to settle a suit filed by the U.S. Equal Employment Opportunity Commission in 2004 on behalf of a black worker who claimed the company retaliated against him for complaining about discrimination.

  • March 3, 2008

    Dechert Seeks To Enforce Agreement With Coudert

    Dechert LLP asked a bankruptcy court on Friday for permission to remove money from an escrow account set up with bankrupt law firm Coudert Brothers LLP to cover the cost of restructuring Dechert's Paris office, which it largely acquired from Coudert in 2005.

  • March 3, 2008

    Deutsche Bank Objects To New Century Plan

    Deutsche Bank National Trust Company has become the latest bank to lodge a protest against the disclosure statement filed by New Century Holdings Inc., filing an objection to the plan that asks the company to provide more information.

  • March 3, 2008

    MasterCard Appeals EU Interchange Fee Ruling

    MasterCard Europe has appealed a December ruling by the European Commission that the company's “interchange fees” are illegal and anti-competitve.