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Format: 10-30-2014
October 30, 2014
McGraw Hill Financial said yesterday that its Standard & Poor’s unit was in “active discussions” with federal and state regulators on a possible settlement over ratings on six commercial mortgage-backed securities issued in 2011, the New York Times DealBook blog reported today. The company...
October 30, 2014
The three-year-old U.S. consumer protection agency said that it discovered that the largest mortgage servicers have been mishandling loan modifications and harming borrowers since new rules came into effect in January, Bloomberg News reported yesterday. Consumer Financial Protection Bureau...
October 30, 2014
For the previous three fiscal years and into the current one, with public services languishing and ready cash scarce, Stockton, Calif., officials have spent nearly $16.3 million and budgeted another $25 million for costs associated with Stockton’s chapter 9 bankruptcy, the Stockton Record reported...
October 30, 2014
The U.S. Court of Appeals for the Ninth Circuit ruled the $203 million judgment awarded by U.S. District Judge William Alsup is based on "substantial evidence" that Wells Fargo & Co. made misleading statements about its policies for charging overdraft fees, the Recorder reported today. "The...
October 30, 2014
A pension fund said yesterday that GT Advanced Technologies Inc. shouldn’t be allowed to destroy papers filed under seal in its bankruptcy because shareholders may need the information in lawsuits, Bloomberg News reported yesterday. A sealed declaration by GT Advanced’s chief operating officer,...
October 30, 2014
Just two years after avoiding prosecution for a variety of crimes, some of the world’s biggest banks are suspected of having broken their promises to behave, the New York Times reported today. A mixture of new issues and lingering problems could violate earlier settlements that imposed new...
October 30, 2014
Exide Technologies' unsecured creditors say they have lost confidence in the company's management to guide the battery maker safely through bankruptcy, Dow Jones Daily Bankruptcy Review reported today. The company’s unsecured creditors’ committee at a hearing yesterday asked a judge to help them...
October 30, 2014
Former billionaire Samuel Wyly, who filed for bankruptcy after losing a U.S. Securities and Exchange Commission fraud lawsuit, sold more than $320,000 worth of art in a Christie’s auction without a judge’s approval and with an asset freeze looming, Bloomberg News reported yesterday. The sale of...
October 30, 2014
After spending much of the last six years purchasing trillions of dollars of bonds in efforts to help revive the American economy, the Federal Reserve is going to be curtailing the purchases, the New York Times reported today. While this marks the third time since 2008 that the Fed has announced...
October 30, 2014
RadioShack has hired former Treasury Department adviser Harry J. Wilson to help with its turnaround efforts, the Associated Press reported yesterday. The struggling consumer electronics retailer said yesterday that Wilson will serve as chief revitalization officer, reporting to its board and CEO...
October 29, 2014
Detroit has been a client of Gabriel Roeder since 1938, when the city first started offering pensions. Now the city is bankrupt, the pension fund is short, benefits are being cut and one of the system’s roughly 35,000 members, Coletta Estes, is suing the firm, contending it used faulty methods and...
October 29, 2014
A major banking regulator is sounding the alarm about lax car lending standards that are leading to a new round of losses for banks, the Wall Street Journal reported today. There’s been a spike in the average size of car loans that banks and other lenders are writing off as a loss following months...

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