By Dena Aubin
(Reuters) – Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) and QBE Insurance Corp have agreed to pay $228 million to settle claims that they engaged in a kickback scheme inflating the cost of insurance that homeowners were forced to buy, according to a court filing.
The deal reached in Miami federal court is the latest of several multi-million-dollar settlements reached over “force-placed” insurance, which is coverage that lenders arrange to protect their interest in a property when a homeowner’s insurance has lapsed.
NEW YORK, March 28 (Reuters) – A federal judge in Manhattan
has ruled that a group of international banks must face
complaints that they violated the U.S. Commodity Exchange Act by
manipulating yen-denominated interest rate benchmarks between
2006 and 2010.
In a ruling on Friday, U.S. District Judge George Daniels
also granted the banks’ motion to dismiss related claims against
them for antitrust violations and unjust enrichment.
NEW YORK (Reuters) – A proposed class action by a Detroit pension fund accusing Goldman Sachs of misleading investors about mortgage-backed securities can go forward, a federal judge has ruled.
Filed in 2010 by Detroit’s police and fire retirement system, the lawsuit accused Goldman of misrepresenting the standards used to qualify borrowers for mortgage loans that were pooled into securities and bought by the fund.
NEW YORK/KUALA LUMPUR (Reuters) – A U.S.-based law firm said it expects to represent families of more than half of the passengers on board the missing Malaysian Airlines flight in a lawsuit against the carriers and Boeing Co, alleging the plane had crashed due to mechanical failure.
The Beijing-bound flight MH370 disappeared more than two weeks ago, and was announced to have crashed into the remote southern Indian ocean with all 239 on board presumed to have died.
NEW YORK (Reuters) – Broadband company LightSquared has urged a judge not to re-open a trial that ended last week over Dish Network Corp Chairman Charles Ergen’s purchase of LightSquared debt, saying it would delay resolution of LightSquared’s bankruptcy proceedings.
In a court filing on Friday, lawyers for LightSquared said the company should not have to bear the “tremendous cost” in money, time and distraction and have its efforts to emerge from bankruptcy imperiled.
NEW YORK (Reuters) – Texas and Florida bankers’ groups are appealing the dismissal of a lawsuit they brought last year challenging rules meant to help the government implement the Foreign Account Tax Compliance Act (FATCA), a law aimed at combating offshore tax evasion.
Enacted in 2010 and set to go into effect in July, FATCA will require foreign banks to disclose to the U.S. government information about Americans’ accounts worth $50,000 or more.
Jan 23 (Reuters) – The U.S. Chamber of Commerce plans to
lobby U.S. officials to reach a diplomatic deal with China,
after a judge ruled that the Chinese units of the global “Big
Four” accounting firms should be suspended from auditing
U.S.-listed companies for six months.
Wednesday’s ruling results from the accounting firms’
refusal to provide the U.S. Securities and Exchange Commission
with audit documents for U.S.-listed companies based in China.
NEW YORK (Reuters) – In a case with wide implications for the global banking industry, New York’s highest state court has been asked to decide if banks operating in the state can be forced to turn over to litigants assets held in their foreign branches.
At issue are two high-profile cases being heard by the U.S. 2nd Circuit Court of Appeals. The cases involve U.S. companies that are trying to reach assets held overseas by UK-based Standard Chartered Plc and Bank of China.
NEW YORK, Jan 14 (Reuters) – In a case with wide
implications for the global banking industry, New York’s highest
state court has been asked to decide if banks operating in the
state can be forced to turn over to litigants assets held in
their foreign branches.
At issue are two high-profile cases being heard by the U.S.
2nd Circuit Court of Appeals. The cases involve U.S. companies
that are trying to reach assets held overseas by UK-based
Standard Chartered Plc and Bank of China.
NEW YORK, Jan 13 (Reuters) – A California federal judge has
spurned a constitutional challenge to the U.S. Consumer
Financial Protection Bureau, saying the new agency set up to aid
financial consumers does not interfere with the president’s
executive power as alleged.
In a ruling on Friday, U.S. District Judge Josephine Staton
said Congress did not restrict the president’s executive power
by providing that the CFPB’s director could only be removed for