Citi filed a complaint against Wachovia Corporation, Wells Fargo & Co, and the directors of both companies. In the complaint brought on Saturday October 4th and filed with the Supreme Court of the State of New York today, Citi is
The Securities Industry and Financial Markets Association's (SIFMA) president and CEO, Tim Ryan, praised the U.S. House of Representatives for passing the Emergency Economic Stabilization Act (EESA) of 2008 after a second vote. "We expect a broad range of financial
A district court judge granted Securities and Exchange Commissions motion for summary judgment against the architect of a massive billion dollar hedge fund fraud. Michael Lauer of Greenwich, Conn., was found liable for violating the anti fraud provisions of the
The US Federal Reserve is to pump money in to several other central banks. Around $30 billion has been made available to the Swedish, Danish, Norwegian and Australian central banks, in order to improve market liquidity. It is hoped that
The ABI (Association of British Insurers) has today published its response to the FSAs interim feedback statement on the Retail Distribution Review. If the right outcome is reached, the RDR should lead to a real improvement in the way customers
The Federal Reserve Board on Friday announced two enhancements to its programs to provide liquidity to markets. One initiative will extend non recourse loans at the primary credit rate to US depository institutions and bank holding companies to finance their
Goldman Sachs and Morgan Stanley have agreed to give up their investment bank status and become regulated by the US Federal Reserve, Reuters reports. The two giants were the last investment banks left on Wall Street, after their rivals failed
John Hutton, secretary of state for Business and Enterprise, says he will issue an intervention notice concerning the Lloyds and HBOS merger, according to the Financial Times. The notice will be issued when Parliament returns after its summer session. He
The US Federal Reserve decided to hold rates for another month. Inflation concerns were cited by the bank as a crucial factor behind its refusal to impose a reduction, despite the recent market turmoil and the continuing downturn in the
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the UK bank Alliance & Leicester by the Spanish bank Banco Santander. Banco Santander is already present in the UK since its acquisition of Abbey National,