Judge Blocks Citigroup Settlement With S.E.C.
The judge, Jed S. Rakoff of United States District Court in Manhattan, ruled that the S.E.C.’s $285 million settlement, announced last month, is “neither fair, nor reasonable, nor adequate, nor in the...
View ArticleBank of America’s Merrill Unit in Mortgage Settlement
(Reuters) – Bank of America Corp agreed to pay $315 million (201 million pounds) to settle claims by investors who said they were misled about mortgage securities offerings by its Merrill Lynch unit....
View ArticleFair Game: Hazard Insurance With Its Own Perils
It’s about time. Investigators are training their sights on a type of hazard insurance policy known as force-placed insurance, a type of policy that has driven up costs for homeowners and pushed some...
View ArticleDealBook: Jury Found Brian Stoker Not Guilty, but Not Necessarily Citigroup
Susan Stava for The New York TimesBeau Brendler served as foreman of a federal jury that cleared a former Citigroup manager in a mortgage securities case. As Beau Brendler sat in the jury box listening...
View ArticleAs Recovery Inches Ahead, Banks Face a New Reckoning
The nation’s largest banks are facing a fresh torrent of lawsuits asserting that they sold shoddy mortgage securities that imploded during the financial crisis, potentially adding significantly to the...
View ArticleDealBook: Mortgage Crisis Lingers On at Citigroup and Bank of America
More than four years after the financial crisis, many big banks have regained their footing. But Bank of America and Citigroup remain dogged by the past. On Thursday, the two banks disclosed that...
View ArticleFair Game: Don’t Blink, or You’ll Miss Another Bank Bailout
The existence of one such secret deal, struck in July between the Federal Reserve Bank of New York and Bank of America, came to light just last week in court filings. That the New York Fed would shower...
View ArticleFair Game: Two Senators Try to Slam the Door on Bank Bailouts
The legislation, called the Terminating Bailouts for Taxpayer Fairness Act, emerged last Wednesday; its co-sponsors are Sherrod Brown, an Ohio Democrat, and David Vitter, a Louisiana Republican. It is...
View ArticleHigh & Low Finance: Don’t Be Alarmed, It’s Just the Economy About to Accelerate
The American markets are getting worried again. But this time the fear is refreshingly different. The worry is that economic growth may be about to accelerate. After five years of a disappointing...
View ArticleFair Game: After a Financial Flood, Pipes Are Still Broken
Many of the nation’s bankers, lawmakers and regulators might well say yes, arguing that safeguards have been put in place to protect against another cataclysm. The voluminous Dodd-Frank law, with its...
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