SAN FRANCISCO (Reuters) – Dollar signs rather than discrimination drove a former partner at venture-capital firm Kleiner Perkins Caufield & Byers to file her gender discrimination suit, a lawyer for the firm told jurors Tuesday in the high-profile trial. “The ... More »
SAN FRANCISCO (Reuters) – Venture firm Kleiner Perkins Caufield & Byers was run “like a boys club,” a lawyer for one of its former partners who is suing the firm for sex discrimination told jury members on Tuesday. During closing arguments in San Francisco Sup... More »
WASHINGTON (Reuters) – Securities and Exchange Commission Chair Mary Jo White told lawmakers on Tuesday the agency would not try anew to craft rules to make it easier for shareholders to nominate corporate directors but that she was closely watching activists’... More »
NEW YORK (Reuters) – The trustee recovering money for Bernard Madoff’s victims on Monday announced a settlement to recoup $93 million from a “feeder fund” that sent client money to the swindler’s firm, boosting the total sum raised to roughly $10.65 billion. I... More »
WASHINGTON (Reuters) – Senator Elizabeth Warren said Friday that the Labor Department should press ahead with brokerage industry reforms, and not be deterred by the Securities and Exchange Commission’s plans to adopt its own separate rules. President Barack... More »
NEW YORK (Reuters) – U.S. authorities investigating potential manipulation of Herbalife Ltd’s shares by consultants working for billionaire investor William Ackman will find it difficult to prove that false statements were deliberately made to drive down the c... More »
NEW YORK (Reuters) – A federal judge on Thursday said Citigroup Inc (C.N) cannot process interest payments by Argentina on some bonds issued under that country’s law, a defeat for the cash-strapped nation as it attempts to re-enter international debt markets. ... More »
WASHINGTON (Reuters) – The U.S. trade office on Thursday called for a crackdown on website name registrars who fail to take action against sellers of illegal goods such as counterfeit medicines and warned that turning a blind eye puts public safety at risk. Th... More »
WASHINGTON/NEW YORK (Reuters) – All 31 U.S. banks passed a test of how they would do in a next economic crisis, the Federal Reserve said on Thursday, but those with large trading books came out weak because of new elements in the check-up. The Fed had assumed ... More »
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission may strip Vanguard Group, BlackRock Inc and State Street Corp, the oldest and biggest providers of exchange-traded funds, of an advantage they hold over newer rivals in how they assemble the shar... More »
WASHINGTON (Reuters) – U.S. regulators on Thursday approved the strictest-ever rules on Internet providers, who in turn pledged to battle the new restrictions in the courts and Congress, saying they would discourage investment and stifle innovation. The rules,... More »
WASHINGTON (Reuters) – U.S. regulators are poised to impose the toughest rules yet on Internet service providers, aiming to ensure fair treatment of all web traffic through their networks. The Federal Communications Commission is expected Thursday to approve C... More »
WASHINGTON (Reuters) – U.S. securities regulators will release new guidance on how they decide whether a company should retain leeway in raising capital, after criticism that such waivers are too often rubber-stamped for banks that have broken the law. Elizabe... More »
ZURICH (Reuters) – Geneva’s public prosecutor searched the premises of HSBC Holdings PLC (HSBA.L) in Geneva on Wednesday and said it had opened a criminal inquiry into allegations of aggravated money laundering. “A search is currently underway in the premises ... More »
WASHINGTON (Reuters) – JPMorgan Chase & Co bears the highest potential hazard to the financial system if it were to fail, a staff study released by a U.S. government research agency showed, providing a first-of-its-kind numerical risk ranking of U.S. banks. Th... More »
NEW YORK (Reuters) – Charles Schwab Corp has agreed to settle a 2009 lawsuit in which New York’s attorney general accused the discount brokerage of fraud in the sale and marketing to investors of auction-rate securities that became illiquid. Terms were not dis... More »
WASHINGTON (Reuters) – A former UBS AG (UBSN.S) banker who helped U.S. authorities prosecute the Swiss bank in a tax fraud case has asked for permission to travel to France to comply with a subpoena in another investigation of the company, according a court do... More »
SAO PAULO (Reuters) – Brazil’s tax watchdog opened a probe on whether about a dozen people involved in the Petrobras corruption scandal also allegedly had undeclared accounts with HSBC Holdings Plc’s private bank in Switzerland, two sources with knowledge of t... More »
WASHINGTON (Reuters) – When a series of big U.S. companies last year moved to reincorporate abroad in inversion deals, some Republican lawmakers and tax policy critics blamed the high U.S. corporate tax rate. Lowering it, they said, would keep companies from f... More »
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission is investigating a January 14 spike in trading in BlackBerry Ltd options that took place hours before Reuters reported that Samsung Electronics Co was in talks to buy the Canadian smartphone make... More »
NEW YORK (Reuters) – JPMorgan Chase & Co, the largest U.S. bank, agreed to pay $99.5 million to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market. Made publi... More »
WASHINGTON (Reuters) – The Obama administration must insist that U.S. trading partners pledge not to manipulate currencies when negotiating trade deals, the Senate Committee on Finance chairman said on Friday. In a speech laying out his conditions for supporti... More »
WASHINGTON (Reuters) – Two U.S. Democratic lawmakers on Thursday asked giant banks including JPMorgan Chase & Co (JPM.N) to explain how they will manage swaps trading activities after lawmakers weakened rules for those operations at the end of 2014. The U.S. C... More »
WASHINGTON (Reuters) – Supermarket chains Albertsons and Safeway (SWY.N) agreed to sell 168 stores in eight states to win U.S. antitrust approval for their $9.2 billion merger, the Federal Trade Commission said on Tuesday. Albertsons, which has 630 supermarket... More »
NEW ORLEANS (Reuters) – BP Plc, citing low oil prices, tried to whittle away at $13.7 billion in potential fines under the Clean Water Act on Tuesday as the penalty phase started in its trial over the 2010 Gulf of Mexico oil spill. BP said its fine should be m... More »
TORONTO/OTTAWA (Reuters) – Canada’s Competition Bureau said on Tuesday it has asked for records from Indigo Books and Music Inc (IDG.TO), the country’s biggest bookstore chain, as part of a probe into alleged anti-competitive practices in the e-book market. Th... More »
WASHINGTON (Reuters) – U.S. broadcast regulators have fined Viacom Inc and ESPN $1.4 million “for misusing the emergency alert system” warning tones in a movie promotion in 2013, the Federal Communications Commission said on Tuesday. The FCC, in a statement, s... More »
WASHINGTON (Reuters) – Credit Suisse Group AG will ask U.S. regulators at a hearing on Thursday to allow it to manage pensions following a criminal guilty plea, but will face resistance from groups determined to stop what they see as the rubber-stamping of suc... More »
WASHINGTON (Reuters) – In their battle to root out microcap stock fraudsters, U.S. securities regulators are turning their attention to the obscure world of transfer agents, who are sometimes in a position to prevent scams, or help to enable them. Transfer age... More »
WASHINGTON (Reuters) – U.S. Securities and Exchange Commission economists have begun scrutinizing riskier types of exchange-traded funds as part of an effort to determine whether they may inflame already rocky market conditions. SEC Chief Economist Mark Flanne... More »
LONDON (Reuters) – Britain’s banks will find it “extremely challenging” to meet a 2019 deadline to set up a boundary around their retail operations and have called for the regulator to provide clarity on the new rules more quickly. “Our members do not consider... More »
NEW YORK (Reuters) – JPMorgan Chase & Co has become the first bank to settle a U.S. antitrust lawsuit in which investors accused 12 major banks of rigging prices in the $5 trillion-a-day foreign exchange market. The largest U.S. bank will pay about $100 millio... More »
BEIJING (Reuters) – The Chinese government said on Friday that it will soon settle its antitrust investigation of U.S. mobile chipmaker Qualcomm Inc. The National Development and Reform Commission (NDRC), the country’s anti-monopoly regulator which launched a ... More »
NEW YORK (Reuters) – A U.S. appeals court on Tuesday threw out most of the claims in an investor lawsuit against Bank of New York Mellon Corp as trustee for subpar mortgage-backed securities involved in an $8.5 billion settlement by Bank of America Corp. The 2... More »
NEW YORK (Reuters) – Victims of Bernard Madoff’s massive Ponzi scheme will get afresh $322 million payout if a U.S. judge approves the request by the trustee liquidating the convicted fraudster’s firm, bringing the recovery total to more than $7 billion. The t... More »
HONG KONG (Reuters) – A former top Hong Kong civil servant was found guilty on Friday of accepting HK$8.5 million ($1.1 million) in bribes from executives of property developer Sun Hung Kai Properties Ltd (0016.HK), in the city’s highest profile corruption cas... More »
HONG KONG (Reuters) – A former top Hong Kong civil servant was found guilty on Friday of accepting HK$8.5 million ($1.1 million) in bribes from executives of property developer Sun Hung Kai Properties Ltd (0016.HK ), in the city’s most high-profile corruption ... More »
BOSTON (Reuters) – JPMorgan Chase & Co will soon issue a report outlining improved controls it has been enacting in the wake of recent missteps, including its role in the 2008 financial crisis, according to a shareholder activist who has seen a draft. The repo... More »
(Reuters) – Technology company Max Sound Corp said it filed a lawsuit against Google Inc and YouTube in Germany earlier this month, alleging infringement of a video-streaming patent. Max Sound claimed that all the products that use the H.264 video-encoding for... More »
WASHINGTON/NEW YORK (Reuters) – The top U.S. securities regulator laid out a plan on Thursday to tighten supervision of large asset managers, saying more must be done to identify the risks the firms could pose and to protect markets in the event of a major cri... More »
(Reuters) – BlackRock’s chief executive Larry Fink said he applauds the U.S. Securities and Exchange Commission’s plans to step up scrutiny of the risks posed by large asset managers, saying it was a better step than singling out specific firms as posing syste... More »
(Reuters) – U.S. regulators on Wednesday fined Morgan Stanley (MS.N ) $4 million for failing to enforce rules that would have prevented the unauthorized buying of Apple Inc (AAPL.O ) shares by a trader at one of the bank’s customer trading firms that led to th... More »
WASHINGTON (Reuters) – The U.S. National Association of Manufacturers on Wednesday wrote to congressional and Federal Communications Commission leaders to oppose potential stricter regulations for Internet service providers. The FCC is working on new rules tha... More »
LONDON (Reuters) – Walt Disney Co (DIS.N ), commodities group Koch Industries and others agreed deals in Luxembourg that could have delivered huge tax savings, a group of investigative journalists has reported, heightening an international debate on corporate ... More »
NEW YORK (Reuters) – Wells Fargo & Co, (WFC.N ) the largest U.S. mortgage lender, is set to go to trial on Monday as homeowners seek to recoup about $629 million for alleged overcharges by a company once owned by Wachovia Corp. Jury selection is scheduled to b... More »
TOKYO (Reuters) – Japan’s powerful industry ministry has summoned Shigehisa Takada, chairman and CEO of Takata Corp, to explain what the company is doing to resolve a crisis over potentially deadly air bags, two people with knowledge of the matter told Reuters... More »
SYDNEY (Reuters) – A top Australian law enforcement agency is investigating bitcoin’s role in organized crime, a senior official said, just as politicians and financial regulators embrace the digital currency as a legitimate part of modern business. The invest... More »
ZURICH (Reuters) – Barclays’ private bank in Switzerland has dropped out of a U.S. program aimed at cracking down on wealthy Americans evading taxes through hidden offshore accounts, the British bank’s market head for Switzerland said on Thursday. “We have rec... More »
PARIS (Reuters) – The Swiss private banking arm of HSBC Holdings Plc has been placed under formal investigation by French magistrates, who are looking into whether the bank helped certain clients avoid paying taxes in 2006 and 2007. In connection with the inve... More »
WASHINGTON (Reuters) – Two U.S. senators plan to introduce legislation on Thursday to encourage employees in the auto industry to report information on faulty parts to federal authorities, a spokeswoman for one of the lawmakers said. The bill, sponsored by Rep... More »
ZURICH (Reuters) – The U.S. Department of Justice (DOJ) has requested more information from around 40 Swiss banks taking part in a program to make amends for possibly aiding tax evasion by wealthy Americans, a Swiss newspaper reported on Thursday. About 100 Sw... More »
WASHINGTON (Reuters) – Goldman Sachs Group Inc (GS.N ) will rebut on Thursday allegations made by a powerful Senate committee report that condemned Wall Street banks for exploiting physical commodity markets to manipulate prices and gain unfair trading advanta... More »
SINGAPORE (Reuters) – Stung by billion-dollar fines for malpractice on their trading floors, the world’s big banks are using ‘fuzzy logic’ tools such as relationship mapping and behavioral analytics to read the minds of would-be cheats among their traders. On ... More »
LONDON (Reuters) – Britain’s anti-fraud agency will get any extra funds it needs to pursue a criminal investigation into alleged rigging of the $5.3 trillion-a-day currency market, a finance ministry source said on Friday. The Serious Fraud Office (SFO) had la... More »
(Reuters) – Oracle Corp and SAP SE have settled long-running copyright litigation for $356.7 million over improper downloads of Oracle files, ending a fierce legal battle between the two enterprise software rivals. The case involved SAP’s TomorrowNow unit,... More »
LONDON/ZURICH (Reuters) – Global regulators imposed penalties totaling $3.4 billion on five major banks, including UBS (UBSN.VX ), HSBC (HSBA.L ) and Citigroup (C.N ) on Wednesday for failing to stop their traders from trying to manipulate foreign exchange mar... More »
LONDON (Reuters) – Wall Street bank JPMorgan, fined $662 million by UK and US regulators for failings in foreign exchange, said on Wednesday that it had made significant improvements to systems and controls. The bank called trader conduct described in its sett... More »
LONDON (Reuters) – Britain fined five major banks including UBS (UBSN.VX ) and Citigroup (C.N ) 1.1 billion pounds ($1.75 billion) for failings in currency trading in a landmark settlement after a scandal that has roiled the world’s largest market. HSBC (HSBA.... More »
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission will ask a federal judge to more than double the money Texas businessman Sam Wyly must pay from $200 million to $455 million for his involvement in an offshore fraud scheme, a lawyer for Wyly sai... More »
NEW YORK (Reuters) – The stable of judges on Manhattan’s federal bankruptcy court is undergoing dramatic turnover that could bring more uncertainty to one of the go-to venues for rescuing companies on the brink of financial ruin. In January, Robert Gerber, the... More »
TOKYO (Reuters) – Takata Corp, the Japanese auto parts maker at the center of a global vehicle recall, ordered its technicians to destroy results of tests on some of its air bags after finding cracks in air bag inflators, the New York Times said on Friday. The... More »
NEW YORK (Reuters) – A stalemate over selecting a new manager of a data processor that publishes quotes and sale prices for Nasdaq-listed stocks may be resolved because of new rules that ease voting requirements, according to a recent regulatory filing. The ne... More »
FORT LAUDERDALE Fla. (Reuters) – A former top banker who headed global wealth management at UBS AG (UBSN.VX ) (UBS.N ) was found not guilty on Monday on U.S. charges of conspiring with wealthy Americans to hide $20 billion in secret offshore accounts. Raoul We... More »
FORT LAUDERDALE Fla. (Reuters) – A former top banker who headed global wealth management at UBS AG (UBSN.VX ) (UBS.N ) was found not guilty on Monday in South Florida federal court of conspiracy to defraud the Internal Revenue Service. Raoul Weil, the highest-... More »
LONDON (Reuters) – Royal Bank of Scotland said it had set aside 400 million pounds ($639 million) to cover potential fines for manipulating currency markets and another 100 million to compensate customers mis-sold loan insurance. RBS is one of six banks in tal... More »
WASHINGTON (Reuters) – Comcast Corp and AT&T Inc have no plans to create Internet “fast lanes” that may hurt consumers’ freedom to roam the Web, the leading U.S. broadband providers told the U.S. Senate Judiciary Committee chairman in recent letters. Senator P... More »
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission is examining how private equity firms report a key metric of their past performance when they market new funds to investors, as the regulator boosts its scrutiny of the industry, according to peo... More »
(Reuters) – The U.S. Securities and Exchange Commission is investigating whether employees at the Centers for Medicare and Medicaid Services (CMS) leaked information to traders, the Wall Street Journal reported, citing people familiar with the investigation. A... More »
WASHINGTON (Reuters) – Companies that service U.S. student loans and mortgages tricked customers into paying higher fees or engaged in other acts that violate U.S. consumer laws, the U.S. Consumer Financial Protection Bureau said in a report released on Tuesda... More »
WASHINGTON (Reuters) – The U.S. Federal Reserve said on Tuesday it has revised its policy which sets the risk management standards for the country’s largest clearing, payment and settlement firms. The policy change brings the Fed’s standards in line with inter... More »
DETROIT (Reuters) – The problems for Japanese auto parts maker Takata Corp (7312.T ) grew after U.S. safety regulators expanded a warning about faulty air bags to 6.1 million vehicles in the United States while two more lawsuits have been filed over accidents ... More »
DETROIT (Reuters) – The recall crisis involving Takata-made air bags exploding with too much force and spraying vehicle occupants with metal shrapnel is growing, with two more lawsuits filed over accidents in older Honda cars. News of the lawsuits came a day a... More »
WASHINGTON (Reuters) – An Arizona-based private equity adviser and its chief executive will pay roughly $2.2 million to settle civil charges that they breached their fiduciary duty to investors by failing to disclose certain fees and expenses, a U.S. regulator... More »
(Reuters) – UBS AG is sticking with its recommendations that some clients buy risky Puerto Rico closed-end bond funds, despite hundreds of arbitration claims by investors who blame the securities for huge losses, according to an internal document. UBS told bro... More »
WASHINGTON (Reuters) – U.S. regulators brought their first-ever manipulation case against a high-frequency trading firm on Thursday, saying it used a computer algorithm to affect closing prices through a series of rapid-fire trades. The Securities and Exchange... More »
(Reuters) – A UBS AG unit will pay $5.2 million in a settlement with Puerto Rico’s financial institutions regulator over the firm’s practices involving sales of Puerto Rico closed-end bond funds whose values later plunged. UBS Financial Services Inc of Puerto ... More »
SAN FRANCISCO (Reuters) – Employees suing Apple, Google and two other tech companies over hiring practices said an appeals court should not approve a $324.5 million settlement in the case, according to a court filing on Tuesday. Plaintiff workers accused Apple... More »
SANTA MONICA Calif. (Reuters) – President Barack Obama declared himself fully committed to “net neutrality” on Thursday while U.S. regulators review controversial new regulations that would govern how Internet service providers (ISPs) manage traffic on their n... More »
SAN FRANCISCO (Reuters) – A U.S. appeals court is set to hear arguments on Wednesday on whether the Federal Bureau of Investigation can force Internet and telecommunications firms to turn over customer records without revealing the government’s demands. A lowe... More »
(Reuters) – The world’s biggest banks have agreed to change rules that govern the $700 trillion derivatives market, the Financial Times reported on Tuesday. Eighteen banks, ranging from Credit Suisse Group AG (CSGN.VX ) to Goldman Sachs Group Inc (GS.N ), have... More »
WASHINGTON (Reuters) – A much-needed pruning of banks across the world could stifle lending and dampen economic recovery, the International Monetary Fund said on Wednesday. To boost profits, banks need to raise prices in certain business lines, pull out of oth... More »
(Reuters) – Apple Inc supplier GT Advanced Technologies Inc will hold its first Chapter 11 bankruptcy court hearing on Thursday at 10 a.m. ET, according to a clerk in the U.S. bankruptcy court in Manchester, New Hampshire. Investors are eagerly anticipating th... More »
NEW YORK (Reuters) – Samsung Electronics Co Ltd initiated an arbitration proceeding in Hong Kong against Microsoft Corp on Tuesday, amid ongoing U.S. litigation over smartphone patent royalties. The arbitration was disclosed in a court filing as part of a fede... More »
(Reuters) – Lawyers for investors charged on Tuesday that securities arbitrators are chosen from a limited pool of mostly elderly men, one of several flaws in Wall Street’s mandatory arbitration system that could be the cause for a steep decline in rulings fav... More »
HAVANA (Reuters) – Defense lawyers for a Canadian executive sentenced to 15 years prison in Cuba on bribery and other charges released a raft of documents on Sunday seeking to bolster their case that Cy Tokmakjian was denied a fair trial. Tokmakjian’s transpor... More »
ZURICH (Reuters) – Switzerland has handed over to the French authorities documents on 300 customers of UBS AG suspected of evading tax, a Swiss newspaper said on Sunday. Citing no sources, the SonntagsZeitung newspaper said the documents had been sent to the j... More »
BOSTON (Reuters) – Two U.S. states are investigating the theft of 83 million customer records from JPMorgan Chase & Co (JPM.N ) in a massive cyber attack uncovered over the summer, and more may soon join, Reuters learned on Friday. Illinois Attorney General Li... More »
