In 2010, the Foreign Account Tax Compliance Act (FACTA) was passed. In essence, it is a program aimed at uncovering undeclared income hidden by Americans in banks around the world.
The UCITS fund in question, Thema International Fund, has sued HSBC itself, seeking the roughly €1 billion it lost when Madoff was arrested.
Morgan Stanley is suing a former employee who was convicted of insider trading in order to recover $33 million it said it paid U.S. regulators to settle civil claims relating to the crimes, court papers showed.
A Facebook investor is seeking arbitration for $1.9 million in damages from the botched IPO, but Morgan Stanley argues it shouldn't proceed because the investor isn't Morgan Stanley's customer, according to a report.
Citigroup Inc., HSBC Holdings Plc and JPMorgan Chase & Co. join Deutsche Bank as firms that will be targeted for a capital surcharge of 2.5 percent, according to an updated list published yesterday by the Financial Stability Board.
Barclays, already rocked by an interest rate rigging scandal, unveiled two new US regulatory investigations into the bank's financial probity on Wednesday and said its profit was hit by charges for mis-selling insurance.