06/24/2012

Merrill replaces law firm in broker pay cases

The change could mark a fresh start for Merrill after a disclosure by one of the previous lawyers likely damaged one of the brokerage's cases as it faces a growing pile of claims and more than $1 billion in estimated potential damages from pending ca

06/21/2012

Swiss and US move forward on tax compliance

The US legislation has worried foreign banks that have American clients as banks face penalties if they refuse to give the United States certain client information required under Facta.

06/19/2012

Liechtenstein Landesbank to Turn Over Client Names

Liechtenstein, a country known for its banking secrecy laws, recently agreed to allow its second largest bank, Liechtensteinische Landesbank AG, to turn over U.S. client data to the Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ).

06/15/2012

Commerzbank had anti-money laundering lapses

The Fed and the bank have entered into an agreement requiring the Commerzbank to take steps to clean up its anti-money laundering programs. The Fed did not fine the bank for the shortcomings.

06/12/2012

Bankers Cite ‘Confusion’ Over Federal Reserve Stress Test

Members of the Federal Advisory Council, including Vikram Pandit, Citigroup Inc.’s chief executive officer, said the uncertainty was generated by the “significant differences” between the analysis used by the Fed in its stress-test model

06/12/2012

How the SEC could pursue a case against JPMorgan

JPMorgan Chase's failure to timely disclose a major change in how it measured risk could become the centerpiece for an enforcement action by U.S. securities regulators as they probe the bank in connection with its multibillion dollar trading loss.

06/11/2012

Bankers can't always hide behind bad legal advice

The Deutsche case is a lawyer’s worst nightmare. A quick Google search by defense counsel discovered that a juror at David Parse’s trial may not have been the housewife she professed to be.