Bank of America Granted Penalty Relief After SEC Compromise
The SEC has resolved an impasse over punishing Bank of America in a mortgage case, clearing the way for a $16.7 billion global settlement.
SEC, DOL Enforcement: Ex-Mayor Fined for Misleading Movie Studio Investors
Meanwhile, two Canadian citizens were charged with conducting an international microcap fraud scheme.
New Hire Roundup: Marc Seidner Joins PIMCO as Managing Director
Also, BlackRock has named Chip Castille chief retirement strategist, a new position.
12 Best & Worst Broker-Dealers: Q2 Earnings, 2014
Some of Wall Street’s major players still struggle with litigation expenses; many are finding ways to further boost their wealth results.
BofA to Pay $16.65 Billion in Historic Mortgage Settlement
The deal includes $9.65 billion paid to various government agencies, including Justice and the SEC, and $7 billion for struggling homeowners.
BofA to Pay $16.65 Billion to End U.S. Mortgage Probes
The settlement, which includes $7 billion in consumer relief and a $5 billion penalty, is the harshest penalty yet related to the 2008 financial crisis.
SEC Enforcement: Kansas Charged With Securities Fraud
In another action, a brokerage firm and its founder were charged with violating net capital requirements and falsifying data in an attempt to mislead examiners.
SEC Enforcement: Smith & Wesson Fined $2 Million for Bribery
In more actions, a judge ordered Bank of America to pay $1.27 billion for a mortgage "hustle."
BofA Q2 Earnings Tumble on $4 Billion Expense for Litigation
Bank of America spent $4 billion in the second quarter to cover litigation costs, including a mortgage settlement with American International Group.
Citigroup Profit Falls 96% on Costs to End Mortgage-Bond Probe
The third-biggest U.S. bank, said second-quarter profit tumbled 96% on $3.7 billion in costs tied to a mortgage-bond settlement with U.S. authorities.