July 31, 2014
by Nicholas Tomsho
A federal judge on Wednesday imposed a $1.27 billion penalty on Bank of America after a jury found them liable for mortgage fraud. Judge Jed Rakoff for the US District Court for the Southern District of New York ruled after a jury found that Bank of America, the second largest bank in the US, had ...[read more]
July 15, 2014
by Taylor Gillan
Citigroup, Inc. on Monday agreed to pay $7 billion to settle a federal inquiry into mortgage-backed securities sold by the bank prior to the country's financial crisis. The deal, which involves one of the largest cash penalties ever paid to settle such allegations, includes a $4 billion civil ...[read more]
June 23, 2014
by Jaclyn Belczyk
The US Supreme Court ruled Monday in Loughrin v. United States that prosecution under the federal government's anti-bank fraud statute does not require proof that a defendant intended to defraud a financial institution. Kevin Loughrin used stolen checks to steal just over $1,000 from a local ...[read more]
June 19, 2014
by Jaclyn Belczyk
The US Supreme Court ruled unanimously Thursday in United States v. Clarke that a taxpayer can only question Internal Revenue Service (IRS) officials about their reasons for issuing a summons when he can "point to specific facts or circumstances plausibly raising an inference of bad faith." The ...[read more]
May 28, 2014
by Addison Morris
Authorities in Ecuador on Tuesday announced, via Twitter, the issuance of an arrest warrant for former president Jamil Mahuad on the grounds that he allegedly misappropriated public funds during the late 1990s. Interior Minister Jose Serrano stated that a "red notice" had been issued by Interpol ... ...[read more]
May 20, 2014
by Peter Snyder
Swiss bank Credit Suisse pleaded guilty Monday to a criminal charge for its role in helping Americans avoid taxes, according to a speech from US Attorney General Eric Holder. Credit Suisse will pay a $2.5 billion financial penalty to the Department of Justice (DOJ), the Internal Revenue Service ( ...[read more]
May 6, 2014
by Rebecca DiLeonardo
US Attorney General Eric Holder said on Monday that the Department of Justice (DOJ) is in the process of investigating several financial institutions and criminal charges may follow. In the video released by the DOJ, Holder said that no institution is "too big to jail" and that his department ...[read more]
April 11, 2014
by Amy Mathieu
Judge William Pauley of the US District Court for the Southern District of New York dismissed a class action lawsuit on Thursday against American Express, Citigroup and Discover Financial Services that alleged the three credit card issuers violated the Sherman Antitrust Act by colluding to require ...[read more]
April 9, 2014
by Daniel Mullen
The Consumer Financial Protection Bureau (CFPB) on Wednesday ordered Bank of America to pay $727 million for its illegal credit card practices. The CFPB asserts that Bank of America used deceptive marketing and unfair billing practices in violation of the Dodd-Frank Wall Street Reform and Consumer ...[read more]
April 9, 2014
by Benjamin Minegar
US Attorney General Eric Holder on Tuesday expressed concern before the US House of Representatives Judiciary Committee with respect to the proliferation of virtual currencies, which, he asserts, have created new avenues for money laundering, drug trafficking and other illegal activity. Holder ...[read more]

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