Regulatory News

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UBS guarantee reflects possible fine: French prosecutor's office


PARIS - A 1.1 billion euro ($1.48 billion) guarantee demanded by French judges of Swiss bank UBS reflects the size of the fine it could pay if found guilty of helping French customers avoid tax, the French prosecutor's office said on Thursday.

Obama presses to close corporate tax loophole 'inversions'

LOS ANGELES - U.S. President Barack Obama will call on Thursday for an end to a corporate loophole that allows companies to avoid federal taxes by shifting their tax domiciles overseas in deals known as "inversions," White House officials said.

Politics, Breakingviews 6:04am EDT

Britain files criminal charges against Alstom UK unit

LONDON - Britain's leading fraud prosecutor on Thursday charged a British subsidiary of French engineering group Alstom with three offences of corruption and three offences of conspiracy to corrupt after a five-year investigation.

Breakingviews 7:17am EDT

Bank settlements create windfall for U.S., and wrangling over how it is spent

NEW YORK - U.S. authorities' $8.9 billion settlement last month with French bank BNP Paribas for sanctions busting will pay for New York cops to get live computer feeds of street crime and for new carpets in the offices of prosecutors, among many other things.

Breakingviews 1:13am EDT

Judge dismisses suit claiming JPMorgan knew of Madoff fraud

NEW YORK - A U.S. federal judge on Wednesday dismissed a shareholders' lawsuit claiming JPMorgan Chase & Co board members knew about Bernard Madoff's Ponzi scheme and ignored red flags signaling his massive fraud.

Money, Breakingviews, 23 Jul 2014

Banks face challenge averting U.S. regulator's mortgage lawsuits: judge

NEW YORK - A federal judge on Wednesday said banks faced an uphill battle in convincing her to dismiss a U.S. regulator's claims that they misled Fannie Mae and Freddie Mac into buying mortgage-backed securities that later went sour.

Breakingviews 23 Jul 2014

NY Fed found serious problems at Deutsche Bank's U.S. arms: sources

FRANKFURT - The Federal Reserve Bank of New York has found serious problems in Deutsche Bank AG's U.S. operations, including shoddy financial reporting, weak technology and inadequate auditing and oversight, people close to the matter told Reuters.

Breakingviews 23 Jul 2014

Tables turned: Madoff letter to U.S. judge appears to be fake

NEW YORK - Bernard Madoff's massive Ponzi scheme relied on reams of fake trading documents to fool regulators for decades.

Breakingviews, Money 23 Jul 2014

Ex-Jefferies trader gets two years in prison in fraud case

NEW HAVEN Conn. - A former Jefferies Group Inc managing director convicted of defrauding investors who traded mortgage bonds through a government program established after the 2008 financial crisis was sentenced on Wednesday to two years in prison.

Breakingviews 23 Jul 2014

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