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Feb 17, 2015

U.S. companies can avoid slow torture of Venezuela devaluations by taking one big hit

NEW YORK (Reuters) – American companies tired of seeing their earnings badly hurt by Venezuela’s crumbling bolivar currency system, can – with the stroke of a pen – get rid of much of the problem.

But it means writing down the value of their Venezuelan businesses to nothing or next to nothing. And that can come with a big one-time charge.

Feb 17, 2015

Analysis – U.S. companies can avoid slow torture of Venezuela devaluations by taking one big hit

NEW YORK (Reuters) – American companies tired of seeing their earnings badly hurt by Venezuela’s crumbling bolivar currency system, can – with the stroke of a pen – get rid of much of the problem.

But it means writing down the value of their Venezuelan businesses to nothing or next to nothing. And that can come with a big one-time charge.

Jan 22, 2015

UBS defeats lawsuit over late Indonesian statesman’s accounts

NEW YORK, Jan 22 (Reuters) – UBS AG has won
dismissal of a lawsuit accusing it of seizing billions of
dollars from inactive accounts over the past 30 years, including
assets of the late Indonesian statesman and United Nations
General Assembly President, Adam Malik.

Filed in September in a California federal court, the
lawsuit said the bank “fast-tracked” the closure of inactive
accounts to take assets for its own use and denied requests for
an accounting of funds.

Dec 18, 2014

U.S. Bancorp unit settles lawsuit over role as trustee

NEW YORK, Dec 18 (Reuters) – U.S. Bank has agreed to pay $6
million to settle an investor lawsuit that accused the U.S.
Bancorp unit of violating its duties as a trustee for
mortgage-backed securities that were sold by Bear Stearns before
the 2008 financial crisis.

The settlement was disclosed in papers filed on Wednesday in
U.S. District Court in Manhattan and requires court approval.

Dec 8, 2014

U.S. SEC official: Close to recommendations on global accounting

NEW YORK/LONDON (Reuters) – A U.S. Securities and Exchange Commission official said on Monday he may have recommendations “in the near future” on the use by U.S. corporations of global accounting standards, suggesting a formal decision may be near after a long impasse.

SEC Chief Accountant James Schnurr said in a speech that he does not have a predetermined view on an approach to the long-standing issue of harmonizing corporate accounting worldwide. He noted that full adoption of global accounting standards generally does not have support in the United States.

Nov 26, 2014

Outlook clouds for U.S.-China deal on audit inspections

NEW YORK (Reuters) – The top U.S. auditor regulator said negotiations with China to inspect audit firms there have reached a “difficult and frustrating place,” the latest hitch in a long-sought agreement to address faulty corporate audits in that country.

Audit regulators from the two countries reached an understanding on inspections earlier this year, “but that has been a difficult achievement for them to push up the line in the Chinese bureaucracy and to get acted on,” said Jim Doty, chairman of the U.S. Public Company Accounting Oversight Board.

Nov 19, 2014

U.S. Bank must face restitution claims in Peregrine lawsuit -judge

Nov 19 (Reuters) – U.S. Bank, sued by the government last
year for allegedly aiding a massive fraud at brokerage Peregrine
Financial, must face claims for nearly $36 million in
restitution to Peregrine’s victims, a federal judge in Iowa
ruled.

Judge Linda Reade on Wednesday rejected the bank’s argument
that restitution should be sought from the person who committed
the fraud, Peregrine founder Russell Wasendorf Sr., and not from
the bank.

Oct 22, 2014

Judge dismisses Massachusetts suit against Fannie, Freddie

NEW YORK (Reuters) – A federal judge has dismissed a lawsuit brought by Massachusetts Attorney General Martha Coakley that accused mortgage finance giants Fannie Mae and Freddie Mac of violating a state law meant to prevent financially troubled residents of the state from losing their homes.

Filed in June, the lawsuit said Fannie and Freddie blocked a state program that let Massachusetts nonprofit groups buy foreclosed homes and resell them to the original homeowners.

Oct 1, 2014

CitiMortgage, Wells lose bid to end lawsuit over credit reports

NEW YORK, Oct 1 (Reuters) – Wells Fargo Bank and
Citigroup’s mortgage unit must face claims that they
violated federal law by falsely notifying credit reporting
agencies that thousands of homeowners went through bankruptcies
or foreclosures, a federal judge has ruled.

In an order on Monday, U.S. District Judge Janis Sammartino
said consumers had offered enough facts to support their claims
that Wells and CitiMortgage Inc gave inaccurate information to a
credit reporting agency, hurting consumers’ ability to get new
loans.

Sep 10, 2014

PwC to face U.S. lawsuit over Colonial Bank collapse – court ruling

NEW YORK, Sept 10 (Reuters) – Accounting firms
PricewaterhouseCoopers and Crowe Horwath must face a lawsuit
accusing them of professional malpractice and breach of contract
for not catching a fraud that led to the 2009 collapse of
Colonial Bank, a federal judge has ruled.

Filed in 2011 by the bank’s parent Colonial BancGroup Inc
and its trustee, the lawsuit accused the accounting
firms of making “reckless and grossly inaccurate” reports to the
bank’s board, allowing Colonial to conceal a seven-year fraud
that drained it of $1.8 billion.