Hedge fund firm Och-Ziff to pay $412 million in criminal penalty and damages
Hedge fund manager Och-Ziff Capital Management Group LLC (Och-Ziff) has agreed to pay a $412 million settlement, of which up to $213 million are criminal penalties imposed in connection with a widespread scheme involving the...
Royal Bank of Scotland agrees to pay $1.1 billion to resolve US mortgage claims
The US National Credit Union Administration (NCUA) said Wednesday that the Royal Bank of Scotland Group (RBS) will pay $1.1 billion after it allegedly solid toxic mortgaged-backed securities. The RBS is currently preparing [Reuters...
Consumer protection agency fines Wells Fargo US $100 million
The Consumer Financial Protection Bureau (CFPB) , a federal agency entrusted with consumer protection in the financial sector, announced on Thursday a $100 million fine against banking giant Wells Fargo for widespread illegal sales practices....
The Sixth Circuit U.S. Court of Appeals Wednesday reopened a complaint by the Ohio Public Employees Retirement System (OPERS) against mortgage giant, Freddie Mac . The complaint, based on Third Amendment grounds, was originally filed in...
Federal appeals court rules Bank of America not liable for fraud
The US Court of Appeals for the Second Circuit on Monday overturned a 2013 jury verdict that found Bank of America liable for fraud and imposed a penalty of more than $1.2 billion. The Second Circuit...
Morgan Stanley agrees to $3.2 billion settlement with state and federal authorities
Morgan Stanley agreed Thursday to pay about $3.2 billion to settle charges that it misled investors in residential mortgage-backed securities. The charges come from an investigation by the Residential Mortgage-Backed Securities Group that...
Federal judge allows class action suits against Facebook to proceed
The US District Court for the Southern District of New York in an opinion made public on Tuesday, decided that two shareholder class actions against Facebook Inc. , alleging that the company hid concerns...
DOJ announces new policy for prosecution of white-collar crimes
The US Department of Justice (DOJ) on Wednesday unveiled a new policy for white-collar crimes, which targets individuals accused of crimes instead of the companies. The guidelines were sent to all US...
UK trader sentenced to 14 years for interest rate manipulation
Former UK bank trader Tom Hayes was convicted Monday of eight counts of conspiracy to defraud. Following a unanimous jury verdict, Judge Jeremy Cooke sentenced Hayes to 14 years in prison for attempting to rig...
JURIST Guest Columnist David Christensen of Christensen Law discusses the benefits of Michigan's No-Fault Insurance Act and the need to protect it... Michigan has the most comprehensive no-fault auto insurance laws in the nation, but a series of no-fault reform...
