” JPMorgan Chase & Co (JPM.N) has won preliminary approval from a U.S. judge for its agreement to pay $280 million to resolve claims that it misled investors in billions of dollars worth of mortgage-backed securities. “U.S. District Judge Pamela Chen, in Brooklyn, New York, issued the preliminary approval on Friday. The settlement, which is subject to […]
“Attorney General Eric Holder declared Monday that no banks are too big to be prosecuted if they engage in criminal activity, while another law enforcement official said a pair of cases against major banks may culminate in guilty pleas in the near future. “‘There is no such thing as ‘too big to jail,'” Holder declared […]
“Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. “In doing so, prosecutors are confronting the popular belief that Wall Street institutions have grown so important […]
“The Justice Department’s criminal division, which oversees some of the biggest investigations into Wall Street and corporate crime, is adding to its ranks. “Marshall L. Miller, a longtime federal prosecutor in Brooklyn, was named to the criminal division’s No. 2 spot. As principal deputy and chief of staff to the criminal division’s leader, Mr. Miller […]
“What looks like insider trading to one federal judge might not rise to the level of a crime to another. Or, in the case of two hedge fund managers fighting their convictions, to another three judges.” “Level Global Investors LP co-founder Anthony Chiasson and ex-Diamondback Capital Management LLC portfolio manager Todd Newman claim they were […]
“Much like the game of telephone, the final recipient of inside information may know little about who started the process or how many steps it took before arriving. When prosecutors want to pursue charges against the recipients of confidential information — the “tippees” — the issue is often how far down the chain they can […]
“A US prosecutor barely started her argument to defend an insider trading conviction when judges on a US appeals court stopped her in her tracks.” “They wanted to know if the government had shopped a case until it landed before a judge who saw the insider trading law the way prosecutors had interpreted it: a trader could […]
“A former Deutsche Bank (DBK) AG salesman’s admission in a Japanese court that he bribed a pension fund executive with lavish entertainment could attract the attention of prosecutors in other countries.” “The U.S. Department of Justice and other authorities may examine whether the practice was widespread at the bank and led to any violations of bribery laws after Shigeru […]
“A powerful group of shareholders is amplifying attacks on housing finance reform legislation as they await resolution of a major legal battle, attempting to slow momentum on the bill before it likely passes the Senate Banking Committee. “Several big hedge funds that stand to possibly win billions of dollars for their shares in Fannie Mae […]
“For months now, the U.S. Attorney for the Southern District of New York, Preet Bharara, has been boasting of his office’s perfect record on insider trading convictions and guilty pleas, which now stands at 80-0. But on Tuesday some potential cracks could appear in that pristine run. “The U.S. Court of Appeals for the Second […]
“Bank of America Corp. and the New York Stock Exchange were among dozens of exchanges, brokerages and traders sued over high-frequency trading by the city of Providence, Rhode Island, over claims they rigged securities markets to divert billions of dollars from buyers and sellers of shares. “Scrutiny of high-frequency trading and whether it gives some […]
“U.S. appeals court is set hear a case whose outcome could make it harder for the government to prosecute insider trading and potentially jeopardize several high-profile guilty verdicts, including that of SAC Capital Advisors portfolio manager Michael Steinberg. “The question facing the 2nd U.S. Circuit Court of Appeals in New York on Tuesday is one […]
“(Reuters) – Five former Bernard Madoff aides have asked a federal judge to throw out their convictions, three weeks after a jury found them guilty of fraud and conspiracy for helping Madoff conceal his multibillion-dollar Ponzi scheme.” “Former back-office director Daniel Bonventre, computer programmers George Perez and Jerome O’Hara and portfolio managers Annette Bongiorno and […]
“Say a company finds out that it is under investigation for possible criminal violations. Its challenge is to figure out the chances that the investigation will result in charges and the possible impact of those charges on its business. Not all investigations are alike, and there are telltale signs about how serious a threat one […]
“Bank of America swung to a first-quarter loss of $276 million, as legal expenses related to the financial crisis mounted.” “The bank said on Wednesday that its litigation expenses increased to $6 billion in the quarter, showing how Bank of America is still paying for its mortgage missteps nearly six years after the financial crisis.” […]
“A federal appeals court has overturned a disclosure requirement that public companies must post information about their use of minerals from Congo, where militias linked to atrocities have profited from mining minerals used in electronics, jewelry and other goods. “The appeals court says the requirement violates the free speech rights of companies that must inform […]
Washington, D.C., April 14, 2014 –Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about today’s decision handed down by the D.C. Circuit Court of Appeals concerning cost-benefit analysis: “The D.C. Circuit Court of Appeals decision today in NAM v. […]
“(Reuters) – Barclays (BARC.L) has settled its second lawsuit in a week that alleged the British bank had mis-sold products that were tied to Libor benchmark interest rates.” “Barclays said on Friday it had reached a compromise in its proceedings with Portugueseconstruction and property firm Domingos Da Silva Teixeira in London’s Commercial Court.” “Following discussions between […]
“(Reuters) – A former JPMorgan Chase & Co (JPM.N) executive has won the right to challenge criticisms by Britain’s financial watchdog of his actions in connection with the “London Whale” derivatives trading scandal.” “The Financial Conduct Authority (FCA) infringed the rights of Achilles Macris by failing to give him the right of reply to its report into […]
“In the span of a week, Steven A. Cohen’s investment firm changed its name, hired a former federal prosecutor and became a felon.” “Breaking months of suspense, a federal judge on Thursday approved the firm’s plea deal that resolved criminal insider trading charges and required a $1.2 billion penalty, closing a searing chapter in the 22-year […]
“Attorney General Eric Holder maintained Tuesday that he has a “vast amount” of discretion in how the Justice Department prosecutes federal law.” “Holder’s remarks, during testimony before the House Judiciary Committee, came in response to GOP accusations that he is flouting the law with his department’s positions on marijuana legalization, criminal sentencing and a contentious […]
“Preet Bharara’s March 31 speech was little noticed outside a small gathering of legal and compliance executives in Manhattan. He delivered it on the day Wall Street and the financial news media were obsessing over the contention in Michael Lewis’s latest book that high-frequency traders have “rigged” the stock market.” “In the speech, Bharara, the U.S. […]
“Citigroup has agreed to pay $1.13 billion to settle claims by investors who demanded that it buy back billions in residential mortgage-backed securities. “The bank said on Monday that the pact it reached with 18 institutional investors called for Citigroup to make a binding offer to the trustees of 68 trusts it sponsored that bundled […]
“After years of false starts and stops, the Justice Department is nearing the end of an investigation into the role Credit Suisse played in hiding American wealth offshore. But at the same time, a new investigation is beginning, threatening to entangle the giant Swiss bank for even longer. “The biggest danger to Credit Suisse, suspected […]
“Deutsche Börse said on Wednesday that its Clearstream unit was the subject of a criminal investigation into potential violations of United States money laundering laws and sanctions against Iran.” “The German stock exchange said the unit was cooperating with an investigation by the office of Preet Bharara, the United States attorney for the Southern District of […]
“MetLife, one of the world’s largest insurers, is paying a $60 million penalty to the authorities in New York for permitting two subsidiaries to operate without first obtaining the required license to sell insurance. “New York officials reached the settlement after finding that the MetLife subsidiaries had solicited business in the state without having a […]
“JPMorgan Chase & Co must face a lawsuit from shareholders accusing it of securities fraud by misleading them about its ability to manage risk, which surfaced when it lost $6.2 billion in the “London Whale” scandal. “U.S. District Judge George Daniels in Manhattan said shareholders could pursue claims that JPMorgan, Chief Executive Jamie Dimon and […]
“Thumbs up to the non-profit group Better Markets for its suit against the U.S. Department of Justice for its $13 billion settlement with J.P. Morgan Chase to resolve civil claims in connection with the banking giant’s marketing and sale of bogus mortgage-backed securities prior to the financial meltdown of 2008. And thumbs up, too, to […]
“Bank of America Corp. should win dismissal of a U.S. Justice Department lawsuit accusing it of misleading investors about the quality of loans tied to $850 million in mortgage-backed securities, a judge said. “The government’s claim that the bank made false statements wasn’t properly supported, U.S. Magistrate Judge David Cayer in Charlotte, North Carolina, said […]
“Rajat K. Gupta, who was one of the world’s most admired corporate executives before insider trading charges derailed his career and threatened his freedom, hit another legal setback on Tuesday.” “‘In a unanimous ruling, a federal appeals court rejected Mr. Gupta’s bid for a new trial, upholding a 2012 conviction that was a milestone in the […]
“The five former Bernard Madoff aides on trial for perpetuating the biggest Ponzi scheme in U.S. history never had a chance once deliberations began, jurors who delivered a guilty verdict on all 31 counts said.” “The defendants were seen as liars who wanted to get rich off the $17.5 billion fraud, requiring little persuasion before […]
“Rajat K. Gupta, who was one of the world’s most admired corporate executives before insider trading charges derailed his career and threatened his freedom, hit another legal setback on Tuesday. “In a unanimous ruling, a federal appeals court rejected Mr. Gupta’s bid for a new trial, upholding a 2012 conviction that was a milestone in […]
“The five former Bernard Madoff aides on trial for perpetuating the biggest Ponzi scheme in U.S. history never had a chance once deliberations began, jurors who delivered a guilty verdict on all 31 counts said. “The defendants were seen as liars who wanted to get rich off the $17.5 billion fraud, requiring little persuasion before […]
“Taxes are inevitable, but not so deductions. And that has become an issue of late as the courts weigh in on whether a taxpayer — either an individual or a company — can deduct the costs related to a government enforcement action. “A recent decision from the Court of Federal Claims in Washington looked at […]
“A federal jury on Monday found five associates of the convicted swindler Bernard L. Madoff guilty of 31 counts of aiding one of the largest Ponzi schemes in history. “With that verdict, the jurors rejected the former employees’ central defense: that only Mr. Madoff had known the evil purpose behind the chores he told them […]
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