Headlines
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June 17, 2013
Bank of America Corp., the second-biggest U.S. lender, rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents, Bloomberg News reported on Saturday. Mortgage workers falsified records and...
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June 17, 2013
Large banks are pushing back against regulators' plans to toughen rules on short-term, high-interest consumer loans, the Wall Street Journal reported today. Wells Fargo & Co., the largest bank to offer "deposit-advance loans," has told regulators that it will discontinue the loans if plans for...
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June 17, 2013
Halsey Minor, the CNET Networks Inc. founder who filed for bankruptcy last month, is seeking to reinstate his case after it was dismissed, saying that he should not be punished because his attorney missed a deadline for handing in documents, Bloomberg News reported on Saturday. The personal chapter...
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June 17, 2013
Wells Fargo & Co. faces a second Minnesota trial over claims by institutional investors that the bank marketed a risky securities-lending program as safe and cost them millions of dollars in losses, Bloomberg News reported today. The case is one of at least five in Minnesota against Wells Fargo...
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June 17, 2013
JPMorgan Chase & Co.'s asset-management division will begin disclosing to investors the amount of liquid assets held in its U.S. money-market-mutual funds each day on its website, the Wall Street Journal reported today. Investors will be able to view each fund's percentage of assets that are...
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June 14, 2013
Top executives of a bankrupt coal producer and the nation's biggest miners' union are trading public jabs over bargaining meant to stave off a strike against a company given a court's go-ahead to slash health care and pension benefits to thousands of workers and retirees, the Associated Press...
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June 14, 2013
The judge overseeing the bankruptcy of San Bernardino, Calif., yesterday disqualified a law firm from representing a major bond insurer in the case, because she said some of its lawyers had "switched sides," Reuters reported yesterday Bankruptcy Judge Meredith Jury said the law firm of Winston...
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June 14, 2013
Moody's Investors Service yesterday pushed the credit ratings on nearly $8.4 billion of Detroit bonds deeper into the junk category, citing heightened risks the city could file for bankruptcy, undergo a major debt restructuring or do a combination of both, Reuters reported yesterday. The action...
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June 14, 2013
Michigan’s attorney general says the collection at the Detroit Institute of Arts is not vulnerable to being sold to pay off any of the city’s debt during a municipal bankruptcy, the Associated Press reported yesterday. Bill Schuette said that the artwork “is held by the City of Detroit in...
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June 14, 2013
Lawyers for former MF Global Chief Executive Jon Corzine and his top lieutenants are opposing a deal between the bankruptcy trustee winding down the company's brokerage business and JPMorgan Chase & Co. that would funnel $300 million to the firm's customers, Dow Jones Daily Bankruptcy Review...
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June 14, 2013
Halsey Minor, the CNET Networks Inc. founder who filed for bankruptcy last month—five years after selling the company for $1.8 billion—lost access to court protection after missing a deadline for handing in documents, Bloomberg News reported today. The personal chapter 7 bankruptcy case was...
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June 14, 2013
A surprise spike in mortgage rates threatens to halt a refinancing boom that has delivered strong profits for U.S. banks over the past two years, the Wall Street Journal reported today. The average rate on a 30-year mortgage rose to 4.15 percent last week, a 14-month high and up sharply from 3.59...
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