Banking

  • September 8, 2006

    Former Citigroup Banker Cleared In China Life Case

    Years after her suspension from Citigroup for allegedly falsifying documents, former Chinese banking star Margaret Ren has finally received the SEC verdict she was hoping for.

  • September 8, 2006

    SEC Censures Mutual Fund Managers

    The U.S. Securities and Exchange Commission has censured five mutual fund managers as part of settlements stemming from allegations that the managers charged customers improper performance-based fees.

  • September 7, 2006

    E.U. Takes Aim At Cross-Border Bank Mergers

    After eyeing the financial industry over anti-competitive concerns for months, the European Commission is poised to take action with proposals that will usher in stricter rules for cross-border bank mergers.

  • September 7, 2006

    Judge Refuses To Toss KPMG Suit Over Legal Fees

    Accounting firm KPMG LLP may still have to foot the legal bills for sixteen former executives implicated in the tax-shelter scandal, after a judge refused to dismiss the suit they filed against the company.

  • September 7, 2006

    Hands Off Our Assets, Solvent Refco Unit Demands

    A Refco Inc. subsidiary with $2.4 billion moved on Thursday for a bankruptcy judge to prevent other Refco units from claiming its assets.

  • September 7, 2006

    Creditor Withdraws Appeal Over Refco-BAWAG Deal

    A creditor has pulled its lawsuit over the settlement between commodities and futures brokerage Refco Inc. and BAWAG, making way for the Austrian bank to shell out $675 million to resolve its involvement in Refco’s slide into bankruptcy.

  • September 7, 2006

    Banks Get Chance To Appeal Enron Ruling

    A district court ruling has given the country’s largest investment banks the opportunity to appeal a bankruptcy court ruling that could wipe out some of their claims in the ongoing Enron Corp. bankruptcy case.

  • September 7, 2006

    Judge Tosses Three ERISA Claims, Lets One Remain

    A federal judge has thrown out three of the four claims leveled against PricewaterhouseCoopers LLP in a class action case alleging that a PWC benefit plan ran afoul of the Employee Retirement Security Act of 1974.

  • September 7, 2006

    Trial Date Set For NatWest Three

    It will be about a year before a jury will hear the case of three former bankers whose extradition from the United Kingdom to face Enron-related charges in the United States caused a stir in the U.S. and abroad.

  • September 7, 2006

    Congress Eyes Antitrust Exemption For Insurers

    Federal agencies in the United States should expand antitrust enforcement in the health care industry to include not just physician groups, but insurance companies engaging in anti-competitive behavior, Senator Patrick Leahy has proposed.

  • September 6, 2006

    Firms Want Tax-Shelter Docs Under Wraps

    If the major accounting and investment firms ensnared in the tax-shelter scandal get their way, the public will not have access to key documents involved in an ongoing North Carolina trial.

  • September 6, 2006

    MasterCard To Disclose Interchange Rates

    In a move to ease tensions with U.S. merchants and bring greater transparency to its interchange process, MasterCard Inc. is making plans to post its interchange fee schedule on its Web site.

  • September 6, 2006

    Spitzer Scoffs At Greenberg's Claims In AIG Civil Case

    New York Attorney General Eliot Spitzer characterized as “absurd” on Wednesday claims that he has dropped charges against former American International Group Inc. executives Maurice "Hank" Greenberg and Howard Smith.

  • September 6, 2006

    Insurance Company To Pay $115M In Service Fee Ruse

    In a setback for Farmers Insurance Exchange and Farmers Group Inc., a superior court judge has ordered the two insurance companies to fork over more than $115 million in "service charges" that were tacked on to consumers' insurance policy premiums.

  • September 5, 2006

    Morgan Stanley Fined $2.9M For Rule Violations

    Widespread reporting problems at Morgan Stanley & Co. Inc. and Morgan Stanley DW Inc. have prompted the National Association of Securities Dealers to fine the firms $2.9 million and order them to begin immediately correcting the deficiencies.

  • September 5, 2006

    Lawsuits May Unravel BAWAG-Refco Settlement

    A spate of U.S. lawsuits over Bank Für Arbeit und Wirtschaft AG’s (BAWAG) entanglement with Refco Inc.’s bankruptcy may end up threatening the sale of the Austrian bank.

  • September 5, 2006

    Wachovia Brokers Demand Overtime Pay

    Wachovia Securities LLC has become the latest investment bank to be accused of not paying overtime wages after Wachovia employees filed a suit against the brokerage late last week.

  • September 6, 2006

    Hedge Funds Aim To Win Big By Funding Lawsuits

    The $1 trillion hedge fund industry has a new moneymaking trick up its sleeve: funding lawsuits. But while the risky strategy may be profitable for the funds, this new trend in litigation has some experts questioning the legality of the practice.

  • September 5, 2006

    Spitzer Eases Curbs Amid Insurance Price Fixing Probe

    Just a week after the world’s top insurance broker, Marsh & McLennan Cos., announced that it had received a nod from New York Attorney General Eliot Spitzer to relax limitations on accepting contingent commissions, London insurance broker Willis Group Holdings Ltd. said it has struck a similar deal.

  • September 5, 2006

    Ex-Bear Stearns Broker Sues Firm For $30M

    A former broker for investment bank Bear Stearns Cos. has slapped the firm with a $30 million lawsuit, alleging he was wrongfully terminated in the wake of a market-timing scandal that hit Bear Stearns in 2003.