Regulatory News

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U.S. House slams regulators for not catching VW for years


WASHINGTON - Volkswagen AG's U.S. chief executive blamed "individuals" for using software to cheat on diesel emissions at a House hearing on Thursday as lawmakers attacked federal environmental regulators for failing to catch the fraud for years. | Video

Bill Gross sues Pimco for $200 million over forced ouster

NEW YORK - Billionaire bond investor Bill Gross sued his former employer Pacific Investment Management Co and its parent Allianz SE for $200 million, saying a greedy "cabal" of executives drove him out of the bond fund giant he helped found because they wanted his huge bonus for themselves.

Breakingviews 08 Oct 2015

UK court hears possible recruit to Libor conspiracy 'to get the odd Mars bar'

LONDON - A former manager at ICAP, the world's largest interdealer brokerage, and a former trader at U.S. bank JPMorgan , plotted to corrupt a new recruit as part of an alleged scam to rig global interest rates, a prosecutor told London's second Libor trial on Thursday. In a recorded telephone conversation dated Aug. 20, 2007 and played to Southwark Crown Court, the former JPMorgan trader Stuart Wiley told the former ICAP manager Danny Wilkinson that the bank had repla

Breakingviews 08 Oct 2015

Caesars tries to woo strengthened creditors with new plan

CHICAGO - Caesars Entertainment Corp's bankrupt operating unit said it will seek bidders for its business while continuing talks with its warring creditors, whose position was strengthened by a key court victory on Thursday.

Breakingviews 08 Oct 2015

Los Angeles drops discrimination lawsuit against Citigroup

NEW YORK - Los Angeles has dropped a lawsuit accusing Citigroup of discriminatory mortgage lending, marking the second time a major bank has escaped claims that it steered the city's minorities into high-cost loans and led to foreclosures and neighborhood blight.

Breakingviews, 08 Oct 2015

Patriot Coal gets court approval for reorganization plan

RICHMOND, V.A - A U.S. bankruptcy court approved Patriot Coal's restructuring plan at a hearing on Thursday, including the sale of a major part of its mines and coal reserves to privately held Blackhawk Mining of Lexington, Kentucky.

Breakingviews, 08 Oct 2015

Germany wants monitoring of new regime to fight corporate tax dodging

LIMA - German Finance Minister Wolfgang Schaeuble said on Thursday he would propose a monitoring scheme to ensure the full implementation of a proposed system to overhaul the way international companies are taxed.

Breakingviews 08 Oct 2015

U.S. indicts three in auto parts price-fixing probe

WASHINGTON - Two former executives of Nishikawa Rubber Co and one current executive from the company were indicted on Thursday for allegedly conspiring to fix the prices of weather-stripping and rubber seals for cars made in the United States.

Breakingviews 08 Oct 2015

B/E Aerospace unit, ex-president in $20 million settlement with U.S

NEW YORK - An aerospace supply chain manager now owned by B/E Aerospace Inc and its former president have agreed to pay $20 million to resolve U.S. government claims that it misrepresented itself as a woman-owned small business in order to obtain defense contracts.

Breakingviews, 08 Oct 2015

Ex-Deutsche Bank trader pleads guilty in U.S. to Libor scheme

NEW YORK - A former senior trader at Deutsche Bank AG pleaded guilty on Thursday to engaging in a scheme to manipulate Libor, the benchmark interest rate at the center of global investigations involving various banks, the U.S. Justice Department said.

Breakingviews 08 Oct 2015

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