Regulatory News

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JPMorgan to pay $99.5 million to resolve currency rigging lawsuit


NEW YORK - JPMorgan Chase & Co, the largest U.S. bank, agreed to pay $99.5 million to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market.

BMW, Bosch join Deutsche Bahn in airline cartel damages claim

FRANKFURT - German carmaker BMW and car supplier Bosch [ROBG.UL] said on Saturday they would join Deutsche Bahn [DBN.UL] in two claims for about 2.1 billion euros ($2.4 billion) in damages from air freight carriers who were involved in a cartel.

Breakingviews, 31 Jan 2015

Head of China Minsheng Bank resigns after reports he faces corruption investigation

BEIJING - China Minsheng Banking Corp said on Saturday that its president Mao Xiaofeng had resigned for personal reasons, hours after several Chinese media outlets reported he was being investigated by China’s anti-corruption watchdog.

Breakingviews 31 Jan 2015

U.S. housing regulator proposes new rules for nonbank mortgage firms

WASHINGTON - The U.S. regulator of Fannie Mae and Freddie Mac on Friday proposed new eligibility rules for nonbanks selling and servicing mortgages backed by the government-controlled mortgage agencies.

Dish's $3 billion wireless auction discount up for U.S. regulator review

WASHINGTON - U.S. regulators will review a $3 billion discount claimed by Dish Network Corp and partners including investment management company BlackRock Inc during a U.S. government wireless spectrum auction that ended this week.

Breakingviews 30 Jan 2015

U.S. must target currency manipulation in trade deals: senator

WASHINGTON - The Obama administration must insist that U.S. trading partners pledge not to manipulate currencies when negotiating trade deals, the Senate Committee on Finance chairman said on Friday.

Politics, Breakingviews 30 Jan 2015

Indicted money exchange ex-worker gets three years in U.S. prison

NEW YORK - A former information technology employee at the defunct digital currency exchange Liberty Reserve was sentenced on Friday to three years in a U.S. prison for his role in concealing what authorities described as a massive money laundering business for criminals worldwide.

Breakingviews 30 Jan 2015

Exclusive: Sysco, US Foods offer to divest 11 facilities to win FTC deal approval

WASHINGTON - Food distributor Sysco Corp and its biggest rival, US Foods Inc , have offered to sell a smaller competitor 11 facilities in order to convince skeptical antitrust regulators to approve their $3.5 billion merger, a source briefed on the matter told Reuters.

Breakingviews 30 Jan 2015

Ex-Sentinel CEO gets 14 years prison for $666 million fraud

- The former chief executive of Sentinel Management Group Inc in suburban Chicago was sentenced on Friday to 14 years in prison, after being convicted of running what federal prosecutors called a $666 million fraud.

Breakingviews 30 Jan 2015

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