Banking

  • November 1, 2006

    Deutsche Bank Still Involved In 10 Enron Suits

    Although many of the lawsuits filed in the wake of the collapse of Enron Corp. are winding down, the scandal is far from over for Deutsche Bank AG. Germany’s largest bank is currently involved in more than 10 lawsuits stemming from the massive accounting fraud, according to the bank’s quarterly financial statement.

  • November 1, 2006

    Companies List Overseas To Cut Costs, Compliance

    When a small company decides to raise funds, going public is often one of its best options. But since listing on a U.S. exchange can result in high compliance and corporate governance costs, many companies have begun to look across the Atlantic, where more relaxed listing requirements may translate to higher profits.

  • November 1, 2006

    Korean Prosecutors Look To Arrest Private Equity Chief

    The head of the South Korean branch of an American private equity group has come under fire from Korean regulators, who are seeking to arrest the executive on charges of stock price manipulation.

  • November 1, 2006

    Former Loan Co. CEO Pleads Guilty To Fraud

    The former chief executive officer of a failed Illinois loan company is now facing up to 10 years in prison after pleading guilty Tuesday to wire fraud and lying to a financial institution.

  • November 1, 2006

    Court Gives Centrix Green Light To Find Buyer

    Putting the bankrupt auto loan company on the road to exiting Chapter 11, a bankruptcy judge approved the sale process for Centrix Financial LLP on Wednesday.

  • November 1, 2006

    Qwest Faces $278M Suit Over Dutch JV

    Qwest Communications International Inc. is the target of a $278 million lawsuit in the Netherlands, according to Qwest’s latest filing with the U.S. Securities and Exchange Commission.

  • November 1, 2006

    Merrill Exec Addresses Discrimination Allegations

    Merrill Lynch & Co. CEO Stanley O’Neal gave a deposition Wednesday morning in a race discrimination suit filed by an African-American broker.

  • November 1, 2006

    Judge Greenlights JPMorgan Pension Case

    Departing from the reasoning in a recent closely watched decision involving International Business Machine Corp.'s cash-balance pension plan, a federal judge on Monday refused to dismiss a similar case in which former employees at JPMorgan Chase & Co. alleged that the bank’s plan was age-discriminatory.

  • October 31, 2006

    Rapper Sues Insurer Over Fatal Stampede

    Fifteen years after a fatal stampede at a celebrity-studded charity basketball game, one of the event’s organizers, rapper Heavy D, is seeking $1.5 million in retribution from his insurance company for allegedly failing to pay damages to those who sued him in the wake of the incident.

  • October 31, 2006

    KPMG Prosecutors Bid To Admit New Evidence

    Prosecutors in the complex tax-shelter case against a slew of former executives of accounting firm KPMG LLP are seeking a federal judge’s approval to introduce evidence that could bolster the government’s case against the defendants.

  • October 31, 2006

    Ohio Bank Sues Competitor Over Name

    Two Ohio financial-services companies have decided to battle in court over the right to use the name FirstMerit amid claims customers are likely to be confused by similar monikers.

  • October 31, 2006

    Fund Exec Accused Of Improperly Charging Investors

    A former finance executive of a $5 billion New York hedge fund has drawn fire for allegedly billing improper expenses to the fund’s investors over the course of several years.

  • October 31, 2006

    Insurers Only Have To Cover WTC Replacement

    A judge has decided that Silverstein Properties Inc. should only get the money it will cost to replace the World Trade Center buildings, not the additional $700 million the developer sought to make the rebuilding “safe, modern and politically palatable.”

  • October 31, 2006

    Israel Discount Bank of NY Fined $12M

    Israel Discount Bank of New York has been fined $12 million by state and federal regulators for failing to comply with anti-money laundering laws, including the USA PATRIOT Act.

  • October 30, 2006

    Rep. Frank Questions Transatlantic Regulation

    Representative Barney Frank (D-Mass.), who would take over the House financial services committee should the Democrats gain control of Congress next week, expressed doubts in an interview with a U.K. newspaper about whether European and U.S. regulators should jointly oversee securities markets.

  • October 30, 2006

    SEC Eyes UBS In U.S. Bonds Probe

    Amid rising concern over possible manipulation in the $4 trillion U.S. Treasury market, Swiss bank UBS AG has come under scrutiny by federal regulators over alleged improper manipulation of Treasury securities prices.

  • October 30, 2006

    SEC Probing JP Morgan, Bisys Connection

    The U.S. Securities and Exchange Commission has requested information from investment bank JP Morgan & Chase Co. regarding Bisys Group Inc., the fund administrator that has recently made headlines for allegedly paying kickbacks to mutual fund companies.

  • October 27, 2006

    Two More Suits Added To Antitrust Case Against Insurer

    Two class action suits filed against insurance broker Marsh & McLennan Cos.Inc. have been combined with a third, creating another massive antitrust class action alleging the company illegally conspired to set prices.

  • October 27, 2006

    Broker Accuses Prudential Of Antitrust Conspiracy

    A benefits broker has filed an antitrust lawsuit against the insurance unit of Prudential Financial Inc., accusing the firm of divulging its proprietary work to a rival company and conspiring to bump it out of a lucrative insurance deal.

  • October 27, 2006

    E.C. Gears Up For Hearings On MasterCard Fees

    Signifying that a decision may not be far behind in the decades-old case, the European Commission has set up hearings on how MasterCard International Inc. establishes its bank fees for credit card transactions.