- UK's High-Court lawsuits hit five-year high @ Financial Times - 32 minutes ago
A wave of litigation has hit the biggest listed companies in the UK as bank disputes push High-Court lawsuits to their highest levels in five years. New research from Thomson Reuters suggests a growing ...
- [$$] J.P. Morgan Caps Debit Cards Affected by Target Breach @ The Wall Street Journal - 12 hours ago
J.P. Morgan Chase told debit-card holders who shopped at Target during a data breach that the bank would be limiting cash withdrawals and purchases.
- Wells Fargo's pressure-cooker sales culture comes at a cost @ Los Angeles Times - 16 hours ago
Employees say intense sales demands at Wells Fargo branches create a dilemma for many: cheat or risk being fired. Bank officials say they make ethical conduct a priority.
- [$$] Financial Briefing Book: Dec. 21-22 @ The Wall Street Journal - Sat, Dec 21, 2013 12:23 AM EST
FInancial Briefing Book: Dec. 21-22
- BP Caused Gulf Spill to Last Longer, Victims’ Lawyers Say @ Bloomberg - Sat, Dec 21, 2013 12:01 AM EST
BP Plc delayed efforts to cap its Macondo well in 2010 by misrepresenting how much oil was gushing into the Gulf of Mexico, lawyers for spill victims said, urging a judge to find the company grossly negligent....
- [$$] Archer Daniels Midland Settles Corruption Case, to Pay More Than $36 Million @ The Wall Street Journal - Fri, Dec 20, 2013 11:06 PM EST
Archer Daniels Midland has agreed to pay more than $36 million to settle U.S. charges that it failed to prevent bribes by its subsidiaries in Germany and Ukraine.
- [$$] Target Says Few Fraud Reports From Card Data Breach @ The Wall Street Journal - Fri, Dec 20, 2013 11:06 PM EST
Target said it has received "very few" reports of credit-card fraud in the immediate aftermath of a massive data breach that compromised 40 million credit- and debit-card accounts over a 20-day ...
- [$$] Deutsche Bank to Pay $1.93 Billion to Resolve FHFA Claims @ The Wall Street Journal - Fri, Dec 20, 2013 11:06 PM EST
Deutsche Bank said it would pay $1.93 billion to settle a lawsuit over mortgage securities the bank sold to mortgage giants Fannie Mae and Freddie Mac during last decade's U.S. housing bubble.
- [$$] U.S. Lays Out Case Against Megaupload, Kim Dotcom @ The Wall Street Journal - Fri, Dec 20, 2013 11:06 PM EST
The Justice Department laid out its case against Megaupload, the company behind a "cyberlocker" site that allowed users to upload files.
- Target probe eyes overseas hackers; stolen cards for sale online Reuters - Fri, Dec 20, 2013 6:55 PM EST
Investigators believe that overseas hackers were responsible for the cyber attack on U.S. retailer Target Corp that compromised up to 40 million payment cards during the first three weeks of the holiday shopping season, a person familiar with the matter said on Friday. Meanwhile the blogger who first broke news of the …
- Fury and frustration over Target data breach Associated Press - Fri, Dec 20, 2013 6:45 PM EST
- Deutsche Bank to pay $1.9 bil Investor's Business Daily - Fri, Dec 20, 2013 6:40 PM EST
All Business Briefs
- ADM to pay $54m to settle bribery charges @ Financial Times - Fri, Dec 20, 2013 6:01 PM EST
Archer Daniels Midland has agreed to pay $54.3m to resolve civil and criminal charges that a subsidiary bribed government officials in Ukraine in return for tax refunds. The deal with US authorities ends ...
- Archer-Daniels-Midland to pay $54 mln over U.S. bribery charges Reuters - Fri, Dec 20, 2013 5:30 PM EST
Archer-Daniels-Midland Co , one of the world's largest agricultural trading houses, agreed to pay more than $54 million to resolve U.S. criminal and civil charges that it paid bribes to Ukrainian officials for tax benefits, a U.S. Justice Department official said on Friday. The company's Ukrainian unit, Alfred C. Toepfer …
- Deutsche Bank to pay $1.9 billion to settle U.S. mortgage case Reuters - Fri, Dec 20, 2013 5:04 PM EST
FRANKFURT/NEW YORK (Reuters) - Deutsche Bank said on Friday it will pay $1.9 billion to settle claims that it defrauded two U.S. government-controlled companies in the sale of mortgage-backed securities before the 2008 financial crisis. The deal, negotiated by the Federal Housing Finance Agency, is the second-largest regulatory …
- InterDigital Falls After Patent Loss to Nokia, Huawei @ Bloomberg - Fri, Dec 20, 2013 4:49 PM EST
InterDigital Inc. fell to the lowest since July 2012 after the mobile-phone design company lost a patent-infringement case at a U.S. trade agency against Nokia Oyj, Huawei Technologies Co. and ZTE Corp....
- Judge: Ex-Morgan exec owes company $31.1M @ USA TODAY - Fri, Dec 20, 2013 4:47 PM EST
Amount is the compensation that Joseph "Chip" Skowron III received during period he was engaged in insider trading.
- Deutsche Bank to pay $1.9 bln to settle U.S. mortgage case Reuters - Fri, Dec 20, 2013 3:45 PM EST
* Bank's litigation reserves will cover the payment * No need to take additional reserves for FHFA settlement FRANKFURT/NEW YORK, Dec 20 (Reuters) - Deutsche Bank said on Friday it will pay $1.9 billion to settle claims that it defrauded two U.S. government-controlled companies in the sale of mortgage-backed securities …
- Ocwen Settles Mortgage Abuse Case Zacks - Fri, Dec 20, 2013 3:40 PM EST
Similar to the $25 billion mortgage settlement announced in 2012, the nation's largest non-bank mortgage servicer, Ocwen announced a settlement with the CFPB and other regulators, along with 49 states ...
- New Allergan Patents May Fend Off Restasis Rivals @ Investor's Business Daily - Fri, Dec 20, 2013 2:26 PM EST
New Allergan Patents May Fend Off Restasis Rivals
- Royal Bank of Scotland backtracks on Iranian account closures @ Financial Times - Fri, Dec 20, 2013 1:42 PM EST
Royal Bank of Scotland has agreed to suspend the closure of UK bank accounts belonging to nine Iranians who claim they are being discriminated against because of their nationality. The nine brought a case ...
- ADM Agrees to Pay $36.5 Million to Settle SEC Bribe Case @ Bloomberg - Fri, Dec 20, 2013 1:24 PM EST
Archer-Daniels-Midland Co. agreed to pay $36.5 million to the U.S. Securities and Exchange Commission to resolve allegations it bribed officials in Ukraine to win tax refunds.
- Deutsche Bank to pay $1.92B in settlement Associated Press - Fri, Dec 20, 2013 12:01 PM EST
Deutsche Bank will pay $1.4 billion euros ($1.92 billion) to settle a mortgage-backed securities dispute with the Federal Housing Finance Agency, on behalf of Fannie Mae and Freddie Mac. The agency, which ...
- Google antitrust offer rejected in Europe @ USA TODAY - Fri, Dec 20, 2013 11:57 AM EST
EU rejects Google offer to settle long-running antitrust investigation
- Clock ticking for Google after EU rejects latest antitrust offer Reuters - Fri, Dec 20, 2013 11:48 AM EST
Google (NSQ:GOOG) has been told it is running out of time to improve its offer to settle a European Union investigation into anti-competitive behaviour or face formal charges that could lead to a hefty fine. EU antitrust chief Joaquin Almunia rejected the internet search giant's latest concessions on Friday and warned …
- Google Back in Europe’s Antitrust Sights @ The New York Times - Fri, Dec 20, 2013 11:41 AM EST
The European Union’s competition commissioner had agreed in October to a tentative resolution of antitrust concerns, but says now the concessions “are not acceptable.”
- Deutsche Bank to Pay $1.9 Billion to Settle Mortgage Suit @ Bloomberg - Fri, Dec 20, 2013 11:15 AM EST
Deutsche Bank AG will pay 1.4 billion euros ($1.9 billion) to settle claims that it didn’t provide adequate disclosure about mortgage-backed securities sold to Fannie Mae and Freddie Mac.
- How the Chevron Case Helped Wreck a Big Law Merger @ BusinessWeek - Fri, Dec 20, 2013 11:09 AM EST
Merger talks have ended between Locke Lord and Patton Boggs in part because of the latter's involvement in a pollution-liability suit in Ecuador
- Deutsche Bank to Pay $1.9 Billion Over Troubled Mortgage Securities @ The New York Times - Fri, Dec 20, 2013 10:18 AM EST
The German bank is the sixth entity to reach a settlement with the Federal Housing Finance Agency, which sued 18 banks and financial institutions.
- Target Suffers Credit Card Security Violation Zacks - Fri, Dec 20, 2013 10:10 AM EST
Target acknowledged that security of nearly 40 million credit and debit accounts of its customers were compromised.
- EU rejects Google bid to settle antitrust case @ CNNMoney.com - Fri, Dec 20, 2013 10:05 AM EST
European Union regulators have rejected Google's latest proposals to settle an antitrust case, raising the risk of a hefty fine for the U.S. company. At the heart of the three-year old case is the way ...
- Deutsche Bank strikes $1.9bn deal on US bad mortgages @ Financial Times - Fri, Dec 20, 2013 10:01 AM EST
Deutsche Bank has agreed to pay $1.9bn to settle allegations in the US that it mis-sold mortgage-backed securities, the latest institution to settle lawsuits brought two years ago against 18 banks around ...
- Google concessions not enough, EU antitrust regulator says @ San Jose Mercury News - Fri, Dec 20, 2013 9:40 AM EST
Europe's top regulator said Friday Google's recent concessions to resolve concerns it is abusing its dominant position in search are not enough.
- [$$] Ocwen Reaches $2.1 Billion Mortgage-Servicing Settlement @ The Wall Street Journal - Fri, Dec 20, 2013 8:56 AM EST
The mortgage servicer had accused of failing to promptly credit borrower's mortgage payments and improperly forcing them into expensive backup homeowners-insurance policies, according to people familiar ...
- Google could face heavy fines after EU rejects latest antitrust settlement offer @ Engadget - Fri, Dec 20, 2013 8:21 AM EST
More than three years after it opened its investigation into Google's search practices, the European Commission has warned the company that time to settle the case has all but run out. According to Reuters, ...
- Deutsche Bank pays 1.4 bln eur to resolve US FHFA suit Reuters - Fri, Dec 20, 2013 8:18 AM EST
Deutsche Bank will pay 1.4 billion euros to resolve a law suit with the U.S. Federal Housing Finance Agency over mortgage-backed securities, Germany's biggest lender said on Friday. Deutsche Bank said ...
- European regulator: Google offer not enough Associated Press - Fri, Dec 20, 2013 7:09 AM EST
Europe's top regulator said Friday Google's recent concessions to resolve concerns it is abusing its dominant position in search are not enough. Speaking on Spanish national radio, European Commission ...
- LPS in Robo-Signing Settlement Talks Said to Exceed $200 Million @ Bloomberg - Fri, Dec 20, 2013 6:00 AM EST
Lender Processing Services Inc. is in talks with regulators that could lead to a settlement of more than $200 million over improper and fraudulent foreclosure paperwork after the 2008 credit crisis, according ...
- Npower pays £3.5m to settle charges of energy mis-selling @ Financial Times - Fri, Dec 20, 2013 5:51 AM EST
Npower has agreed to pay £3.5m to settle charges of sales mis-selling by energy regulator Ofgem. An investigation by the watchdog upheld complaints that Npower, one of the UK's six leading gas and electricity ...
- HK court orders hedge fund Tiger Asia to pay investors HK$45 mln Reuters - Fri, Dec 20, 2013 4:59 AM EST
A Hong Kong court has ordered hedge fund Tiger Asia Management LLC, founder Bill Sung Kook Hwang and head trader Raymond Park to pay HK$45 million ($5.80 million) to around 1,800 investors affected by insider trading involving two stocks. The ruling is the second this month in cases brought by the Securities and Futures …
- Spain fines Google for breaking data law @ CNNMoney.com - Fri, Dec 20, 2013 3:55 AM EST
Spain has ordered Google to pay a fine of 900,000 euros ($1.23 million) over privacy violations. The Spanish government's data protection agency accused Google of three breaches of a national law protecting ...
- Analysis - Activists push for voting secrecy to rein in U.S. executive power Reuters - Fri, Dec 20, 2013 1:15 AM EST
Top executives and directors at some major U.S. companies may have less sway over votes on chief executive officer compensation and other shareholder matters if a campaign by a number of investor activists succeeds. "It's not the democratic way."
- Target Faces Backlash After 20-Day Security Breach @ The Wall Street Journal - Fri, Dec 20, 2013 12:58 AM EST
Target was thrust into crisis mode after a massive theft of customer credit-card data threatened to dent its reputation and hurt sales during the end of holiday shopping.
- New securities watchdog targets corporate fraud in Hong Kong Reuters - Fri, Dec 20, 2013 12:47 AM EST
Hong Kong's securities regulator has set up a task force to detect fraud by listed companies, extending its increasingly muscular approach into an area traditionally overseen by the city's stock exchange. The power shift marks the latest step by the Securities and Futures Commission (SFC) to try to tackle fraud in the …
- Target cyber breach hits 40 million payment cards at holiday peak Reuters - Fri, Dec 20, 2013 12:21 AM EST
Target Corp (NYS:TGT) said hackers have stolen data from up to 40 million credit and debit cards of shoppers who visited its stores during the first three weeks of the holiday season in the second-largest such breach reported by a U.S. retailer. Target, the third-largest U.S. retailer, said on Thursday that it was working …
- Target cyber breach hits 40 mln payment cards at holiday peak Reuters - Thu, Dec 19, 2013 11:41 PM EST
Target Corp said hackers have stolen data from up to 40 million credit and debit cards of shoppers who visited its stores during the first three weeks of the holiday season in the second-largest such breach reported by a U.S. retailer. Target, the third-largest U.S. retailer, said on Thursday that it was working with federal …
- Target security breach affects up to 40M cards Associated Press - Thu, Dec 19, 2013 10:34 PM EST
- Target breach could cost hundreds of millions, probe starts Reuters - Thu, Dec 19, 2013 10:03 PM EST
(Reuters) - The theft of credit and debit card data from 40 million Target Corp (NYS:TGT) customers could end up costing hundreds of millions of dollars, but it is unclear who will bear the expense, lawyers and industry sources said. Target said on Thursday hackers had stolen the data of shoppers who visited its stores …
- S.E.C. Tension as It Examined Mortgage Cases @ The New York Times - Thu, Dec 19, 2013 10:00 PM EST
The reasoning behind the decisions and the contentious way they divided camps within the agency illuminates how difficult choices are made inside the regulator.
- Spain fines Google $1.2 billion for breaching privacy laws @ The Verge - Thu, Dec 19, 2013 8:43 PM EST
Earlier this year, the French independent administrative authority CNIL advised six European countries to take action over Google's privacy policies. Now Spain has become the first of the six to fine the search giant, demanding €900,000 ($1.24 million) for breaching the nation's privacy laws. The Wall Street Journal reports …