General Electric Co agreed on a USD 18.25 million settlement of a class action lawsuit that accused the company of rigging bids for municipal bonds, according to a Reuters report.
Legal & Regulatory
Advocates may reinstate Glass-Steagall if Volcker Rule could not curb risky bets
As the Volcker rule for banking and trading is being wrapped up by five US government agencies, politicians and advocates of the controversial Glass-Steagall legislation intended to push a revival of a version of its favored banking act should the former fail to curb risky betting by US banks.
State-owned firms to lead China IPOs next year as 15-year ban on listings end- sources
Chinese state-owned firms are expected to lead the initial public offerings in the mainland next year after the lifting of the temporary ban on public share sales by the government, according to sources interviews by Bloomberg.
Bankers says HSBC spinoff of UK operations is a logical offshoot of ringfencing requirements
Bankers told the Financial Times that the news of HSBC's planned spinoff of its UK unit logically follows the ringfencing requirements that will be part of the UK Banking Reform Bill about to be passed through the British parliament.
Hedge fund plans to bet on Brazilian fraud cases - report
Together with international asset chaser Martin Kenney, New York-based hedge fund Platinum Partners is planning to invest in the recovery of Brazilian fraud claims, a report from the Financial Times said.
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American book chain Barnes & Noble made public an on-going US Securities and Exchange Commission investigation on its accounting practices. Barnes & Noble recently restated its earnings for fiscal year 2011 and 2012.
Diego Rivera's Detroit Industry murals, which was commissioned by Ford Motors Co. in 1932, has been protected from Detroit's bankruptcy sale. Britain's Christie's Inc. assessed pieces bought by the city money to be worth USD452 million to USD866 million.
Thirteen defendants said they were guilty of the cyber attack against PayPal three years ago. They were members of a hacker group known as Anonymous.
AT&T has asked the permission of the US Securities and Exchange Commission to allow the firm to exclude a request from shareholders asking for the details how it shares customer information with government agencies in its annual meeting.
After the government announced a ban on the use of Bitcoin for financial institutions, China's biggest search engine Baidu Inc announced that it would no longer be accepting the digital currency as payment.
Sallie Mae Corp, the largest student loan firm in the US, filed documents with the US Securities and Exchange Commission that will allow it to split into two companies. The deal is expected to be completed by the end of the second quarter of 2014.
US District Judge Mariana Pfaelzer gave final approval to the USD 500 million class action settlement between Bank of America's Countrywide unit and its investors.
Former Goldman Sachs Group Inc trader Matthew Taylor was given a prison term of nine months for concealing an unauthorized USD 8.3 billion trading position in 2007.
Critics of the new rules requiring short-sellers to report their positions said the European Union's requirements had not made the hedge fund industry more competitive.
