WASHINGTON/NEW YORK (Reuters) – A court challenge by Texas and Florida bankers threatens to undermine a broad U.S. government crackdown on offshore tax avoidance and jeopardize a web of carefully crafted international agreements, tax lawyers said on Tuesday.
The Texas Bankers Association and the Florida Bankers Association, both industry groups, have filed a lawsuit attempting to block a new U.S. Treasury Department rule governing accounts held by foreigners in U.S. banks.
(Reuters) – PricewaterhouseCoopers said on Wednesday it agreed to buy Booz & Co., ratcheting up an aggressive move by large audit firms back into the lucrative consulting business more than 10 years after U.S. regulators tried to tease apart the two sectors.
PwC PWC.UL, one of the world’s Big Four audit firms, said it will buy corporate consultancy Booz for undisclosed terms. Subject to approval by Booz’s partners, the transaction was the latest in a string of similar acquisitions.
NEW YORK (Reuters) – Bank of America has agreed to pay $32 million to settle charges that it made harassing debt collection calls to customers’ cell phones, in what is believed to be the largest cash payout ever under a 1991 law meant to protect consumers from unwanted calls.
The settlement will resolve multiple proposed class action lawsuits filed on behalf of 7.7 million of the bank’s credit card and mortgage loan customers, according to court documents.
NEW YORK (Reuters) – JPMorgan Chase & Co has been hit with a proposed class action lawsuit accusing it of printing Social Security numbers on the outsides of form letters mailed to customers to tell them about the bank’s efforts to protect their private information.
Filed on Thursday in federal court in Chicago, the lawsuit accused the largest bank in the United States of violating federal and state laws and subjecting its customers to increased risk of identity theft.
NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and a major insurer have agreed to a $300 million settlement to resolve accusations that they forced homeowners into over-priced property insurance and entered into kickback arrangements that inflated the policies’ prices.
The lawsuit being settled – one of several targeting large U.S. banks over force-placed insurance – said that the improper practices unjustly enriched JPMorgan and insurer Assurant Inc by more than $1 billion since 2008.
NEW YORK, Aug 19 (Reuters) – Many financial auditors are
failing to properly check for accounting fraud risks at U.S.
broker-dealers or test controls over customer funds, new
inspections mandated by Congress after Bernard Madoff’s massive
Ponzi scheme have found.
In its second inspection report on broker-dealer audits, the
Public Company Accounting Oversight Board, an auditor watchdog,
said it found problems at 95 percent of the 60 audits it
NEW YORK (Reuters) – U.S. regulators on Thursday asked a federal court not to dismiss their lawsuit against a bank tied to the blow-up of brokerage Peregrine Financial, saying the bank helped bring about millions of dollars of losses for Peregrine customers.
At issue is a lawsuit filed by the U.S. Commodities Futures Trading Commission in June against U.S. Bank N.A., a unit of U.S. Bancorp, based in Minneapolis. The lawsuit accused the bank of letting Peregrine founder Russell Wasendorf Sr secure loans against money that belonged to his brokerage’s customers.
NEW YORK (Reuters) – A former chief accountant of the U.S. Securities and Exchange Commission has been named to the private board that sets corporate accounting standards as it conducts a controversial overhaul of corporate America’s bookkeeping.
James Kroeker, 44, will be a vice chairman of the U.S. Financial Accounting Standards Board, the board’s parent organization, the Financial Accounting Foundation said in a statement on Wednesday.
SHANGHAI/NEW YORK (Reuters) – China’s securities watchdog said it is ready to turn over audit documents of a Chinese company listed in the United States to U.S. regulators, signaling a second breakthrough in a two-year international dispute over accounting scandals.
The U.S. Securities and Exchange Commission (SEC) has been struggling to get papers out of China to investigate possible accounting fraud at dozens of Chinese companies listed on U.S. stock exchanges. China, for years, has resisted turning over documents because of state secrets and sovereignty concerns.
NEW YORK (Reuters) – The U.S. House of Representatives is expected to vote soon on whether an auditor industry watchdog can force companies to switch auditors every few years, breaking up some business ties that have lasted over a century.
Regulators in the United States and Europe have been considering limits to audit firms’ terms after auditors failed to warn of problems at banks that failed in the 2007-2009 global financial crisis.