Headlines

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Format: 12-22-2014
December 22, 2014
A Texas jury has found Credit Suisse fraudulently enticed investors to back a $540 million loan for the Lake Las Vegas resort, only to have the borrower quickly default, Reuters reported yesterday. The jury set damages at $40 million, according to court documents filed on Friday in state court in...
December 22, 2014
Ally Financial disclosed on Thursday that it had received a Justice Department subpoena as part of an investigation “related to subprime automotive finance and related securitization activities,” the New York Times DealBook blog reported on Friday. The investigation is in addition to an inquiry by...
December 22, 2014
The U.S. government closed a chapter in financial-crisis history on Friday when it sold its remaining shares of Ally Financial Inc. and shuttered its auto-bailout program, ending the last major pieces of a $426 billion rescue package that saved a swath of U.S. companies but never won public support...
December 22, 2014
The Catholic Diocese of Spokane, Wash., can take its legal malpractice claim to trial against a law firm that handled its 2007 bankruptcy over priest sex abuse claims, a federal bankruptcy judge ruled, the Associated Press. The decision on Wednesday means former Spokane bishop Blase Cupich, who now...
December 22, 2014
The executive chairman of Ocwen Financial Corp. will resign as part of a legal settlement with New York’s financial regulator, the Wall Street Journal reported today. William C. Erbey, a billionaire who built Ocwen during more than two decades into the largest nonbank company handling mortgage...
December 22, 2014
Caesars Entertainment Corp. today agreed to acquire affiliate Caesars Acquisition Co. in a stock-for-stock merger that will better position the $18.4 billion debt load of its largest unit, the Wall Street Journal reported today. The acquisition also will consolidate the parent company’s stake in...
December 22, 2014
The U.S. Securities and Exchange Commission suffered a setback on Friday in its efforts to collect a bigger judgment against Texas tycoon Sam Wyly and his late brother Charles' estate than the nearly $300 million it has already won, Reuters reported. U.S. District Judge Shira Scheindlin ruled that...
December 22, 2014
Several major broadcasters refused to back down Friday from attempts to control when and to whom bankrupt Aereo Inc. can sell its technology, Dow Jones Daily Bankruptcy Review reported today. Facing an impasse between the failed TV-streaming service and broadcasters including CBS Corp., Walt Disney...
December 22, 2014
Bradley Birkenfeld, the former UBS AG banker who won a $104 million whistle-blower award after serving time in U.S. prison for tax conspiracy, now wants to move back to Europe before his term of probation is set to end, Bloomberg News reported today. Birkenfeld asked a judge to end his probation...
December 19, 2014
The trust representing creditors of the bankruptcy General Motors Corp. estate asked a federal judge to reject efforts by “new GM” to pay ignition switch claims using funds set aside for creditors of the “old” Detroit automaker that filed for bankruptcy in 2009, the Detroit News reported today. “...
December 19, 2014
LightSquared, the bankrupt wireless venture owned by Phil Falcone's Harbinger Capital Partners, on Thursday submitted a new restructuring plan under which Harbinger would hold onto a sizable stake in the company, Reuters reported yesterday. The plan is the latest in a string of so far unsuccessful...
December 19, 2014
Assistant U.S. Attorney Richard Elias was leafing through a pile of JPMorgan Chase & Co. documents in 2012 when he found a memo in which one JPMorgan employee warned her bosses they were putting bad loans into securities being created before the financial crisis hit, according to a Wall Street...