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Supreme Court declines banks’ appeal in Baltimore’s collusion claim
An international banking case in which Baltimore seeks to recover millions of dollars in alleged overpayments will head back to federal district court.
Banks appeal Baltimore’s collusion claim to Supreme Court
An international banking case in which Baltimore seeks to recover millions of dollars in alleged overpayments is on appeal to the U.S. Supreme Court.
Berkshire amends warrant deal with Goldman Sachs
OMAHA, Neb. — Warren Buffett’s company will likely become one of the biggest shareholders in Goldman Sachs Group Inc. later this year, and Berkshire Hathaway Inc. won’t even have to part with any cash to do so. Berkshire and Goldman said Tuesday they had renegotiated an agreement that gave Berkshire the right to buy 43.5 […]
S&P expects U.S. lawsuit over its mortgage ratings
WASHINGTON — Standard & Poor’s says the government plans to file a civil lawsuit alleging wrongdoing by the agency when it gave high ratings to mortgage debt securities that later plunged in value and fueled the 2008 financial crisis. S&P said Monday that it has been told by the Justice Department that it intends to […]
Bank of America to pay $2.43B in settlement
WASHINGTON — Bank of America says it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch at the height of the financial crisis. In the lawsuit, shareholders alleged that Bank of America and some of its officers made false or misleading statements about both companies’ financial […]
Citigroup agrees to pay $590M in shareholder suit
NEW YORK — Citigroup has agreed to pay $590 million to settle legal claims by shareholders that its executives misled them about the bank’s growing problems before the financial crisis. The bank denied the allegations Wednesday, but said it agreed to the deal to eliminate the cost and uncertainty of litigating the class-action suit. Plaintiffs […]
Morgan Stanley closes a bleak bank earnings season
NEW YORK — It’s tough being a big bank these days. Morgan Stanley, the storied investment house, reported Thursday that its revenue was down sharply for April through June and its profit missed Wall Street expectations. Its stock was clobbered — down more than 5 percent. The report capped a dismal season for the banking […]
No sign of shareholder revolt against Dimon
NEW YORK — JPMorgan Chase CEO Jamie Dimon owned up to stock analysts and went on TV to accept blame for a $2 billion trading mistake. Next he faces shareholders, who are considerably less wealthy since the blunder was disclosed. While Dimon may be greeted by some colorful protesters when he arrives for the JPMorgan […]
Bank of America bad-loan provisions at 2007 level
NEW YORK — Bank of America said Thursday that it set aside less money to cover bad loans in the first three months of the year than it has since before the 2008 financial crisis. Because Bank of America serves about half the nation’s households, the results could be seen as a statement about the […]
Bernanke defends Fed response to financial crisis
WASHINGTON — Chairman Ben Bernanke said Friday that the Federal Reserve was left with few good options when it stepped in to shore up the largest U.S. financial institutions during the 2008 crisis. Bernanke defended the central bank’s actions to support insurance giant American International Group and help with the sale of investment bank Bear […]
Unemployment rate hits 8.3 pct. after hiring burst
WASHINGTON — In the most impressive surge for the job market since early last year, the United States added 243,000 jobs in January, far more than economists expected. The unemployment rate dropped to 8.3 percent, the lowest in three years. Hiring accelerated across the economy and up and down the pay scale. The high-salary professional […]
U.S. proposes new, tougher rules for big banks
NEW YORK — The Federal Reserve on Tuesday said the largest U.S. banks and financial companies should hold extra cash on their balance sheets to cushion themselves against financial crises. The proposal by the chief U.S. banking regulator will affect banks with over $50 billion in assets. There are even stricter rules for companies with […]
