Dena's Feed
Sep 3, 2015

Los Angeles drops mortgage discrimination case against JPMorgan

By Dena Aubin

(Reuters) – Los Angeles has dropped a lawsuit accusing
JPMorgan Chase, the largest U.S. bank, of discriminatory
mortgage lending, ending the first of the city’s four lawsuits
accusing major banks of driving up foreclosures among minority
borrowers.

Disclosed in a filing on Tuesday in a California federal
court, the agreement ends a lawsuit attempting to hold the bank
liable for lost property tax revenues caused by falling home
values and the cost of repairing blight in minority
neighborhoods hit by foreclosures.

Aug 13, 2015

FTC offers first-ever guidance on ‘unfair competition’

NEW YORK (Reuters) – The U.S. Federal Trade Commission on Thursday released unprecedented guidance on a section of business antitrust law that bars “unfair competition,” but stopped well short of offering the level of detail long sought by businesses.

Saying its enforcement practices would not change, the agency released remarks by FTC Chairwoman Edith Ramirez that said it would be guided by consumer welfare concerns.

Aug 11, 2015

FTC expected to unveil policy on unfair competition enforcement

NEW YORK (Reuters) – U.S. Federal Trade Commission Chairwoman Edith Ramirez was expected to unveil a policy statement as soon as Thursday on how the antitrust agency will pursue companies over unfair competition, sources close to the matter said.

Expected in a speech Ramirez will deliver in Washington, the policy would be the FTC’s first attempt to clarify a part of the 1914 law that created the commission and empowered it to pursue businesses for “unfair methods of competition.”

Aug 10, 2015

Corporate earnings management linked to accountant hiring: study

NEW YORK (Reuters) – When it comes to hiring accountants, U.S. public companies tend to favor people who show a willingness to flatter corporate profits by massaging the numbers, researchers have found.

In a study that suggests fighting corporate number-fudging is not just a matter of tweaking a few rules, accounting experts at the University of South Carolina said they surveyed 41 executive recruiters and 57 finance and accounting executives.

Aug 4, 2015

ATM fee lawsuits against Visa, Mastercard, banks revived on appeal

NEW YORK (Reuters) – A federal appeals court has revived litigation against Visa Inc (V.N: Quote, Profile, Research, Stock Buzz), Mastercard Inc (MA.N: Quote, Profile, Research, Stock Buzz) and several U.S. banks accusing them of conspiring to inflate the prices of ATM access fees in violation of antitrust law.

In a decision on Tuesday, the U.S. Court of Appeals for the District of Columbia said a district court erred when it concluded that consumers had no standing to sue and had not adequately alleged antitrust violations. It remanded the three consolidated lawsuits to the district court for further proceedings.

Jul 30, 2015

Venezuela currency blues hit U.S. blue-chip companies

BOSTON (Reuters) – Venezuela’s currency woes cut nearly $3 billion in profit at U.S. blue-chip companies during the second quarter and prompted Procter & Gamble Co (PG.N: Quote, Profile, Research, Stock Buzz) to remove its operations in the South American country from its consolidated financial reports.

More so-called deconsolidation moves and exits from Venezuela are likely to happen during the second half of the year as U.S. corporations grow increasingly frustrated with Venezuela’s sinking Bolivar currency, according to analysts and U.S. regulatory filings.

Jul 28, 2015

U.S. watchdog refers PwC to ethics panel over audit of charity

NEW YORK, July 28 (Reuters) – A U.S. Department of Justice
internal watchdog has referred auditing firm
PricewaterhouseCoopers to a professional ethics panel
over what it called “extensive deficiencies” in an audit of
federal grant compliance by Big Brothers Big Sisters of America.

In a report released on Tuesday, the Office of the Inspector
General said it found multiple omissions in PwC’s work on the
mentoring organization Big Brothers, which received over $23
million in Department of Justice grants between 2009 and 2011.

Jul 17, 2015

TD Bank to pay $20 mln to settle Ponzi scheme lawsuit -attorney

NEW YORK, July 17 (Reuters) – TD Bank has agreed to pay $20
million to settle a class action lawsuit accusing it of aiding a
Ponzi scheme that allegedly bilked over a thousand European
investors of more than $223 million, a lawyer for the investors
said on Friday.

The preliminary settlement, subject to court approval,
resolves accusations that TD Bank, part of Canada’s
Toronto-Dominion Bank, failed to properly monitor trust
accounts that held investors’ money and ignored its duty to
investigate suspicious activities under U.S. anti-money
laundering rules.

Jun 29, 2015

U.S. regulators plan first-ever inspection of audit firm in China

NEW YORK (Reuters) – U.S. regulators are planning their first-ever inspection of an audit firm in China under a pilot program agreed to last week, marking a step toward resolution of a stalemate over accounting oversight of Chinese firms listed on U.S. markets.

The inspection is expected to take place this year, subject to final agreements, a spokesman for the Public Company Accounting Oversight Board (PCAOB), the main U.S. audit regulator, told Reuters on Monday.

Jun 23, 2015

U.S. Bancorp unit to pay $44.5 mln in Peregrine settlement

NEW YORK, June 23 (Reuters) – A unit of Minneapolis-based
U.S. Bancorp has agreed to pay $44.5 million to settle a
class action brought by former customers of brokerage Peregrine
Financial Group, which failed in 2012 after its funds were
siphoned off in a long-running fraud.

Disclosed on Thursday in a filing in an Illinois federal
court, the proposed settlement resolves claims that the bank let
Peregrine’s founder Russell Wasendorf Sr. treat an account set
up for brokerage customer funds like a personal checking
account, diverting money for himself and his other businesses.