Daily Archives: December 5, 2013

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Deutsche Bank expected to face action in Japan anti-bribery probe – FT.com

Deutsche Bank expected to face action in Japan anti-bribery probe – FT.com

Allegations centre on entertainment of pension fund officials.

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Goldman Sachs Sued by Singapore Client Oei Over Loss

Goldman Sachs Sued by Singapore Client Oei Over Loss

Goldman Sachs Group Inc. (GS) was sued by Singaporean wealth-management client Oei Hong Leong over a $34.3 million loss on Brazilian real-yen options trades he claimed the bank misled him into making.

Oei accused the New York-based bank of fraudulent misrepresentation, breach of fiduciary duty, fraudulent inducement and unjust enrichment in papers filed yesterday in New York state court.

Goldman Sachs rejected allegations that it acted improperly or cheated him, according to a letter it wrote to Oei in July and filed in a Singapore court, where the businessman is suing a unit of the bank over the same loss. The bank has said it will defend that lawsuit, which it is seeking to halt in favor of private and confidential arbitration.

“A lot of clients are like me, they trust the big banks like they trust their doctors,” Oei, 65, said in an interview today. His friends have had similar experiences and he is suing for “justice and fairness” for all clients, he said.

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Bank of America, Wells changing practices under mortgage settlement

Bank of America, Wells changing practices under mortgage settlement

Bank of America and Wells Fargo are changing some of their practices to comply with the terms of a national legal settlement that aimed to fix pervasive problems in mortgage servicing, a Wednesday report from the agreement’s watchdog shows.

Both banks failed tests earlier this year that were designed to see whether they were effectively servicing delinquent mortgages. Should either Bank of America or Wells Fargo be found to have failed the same tests again, they would be subject to fines or other penalties.

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Exclusive: U.S. plans new bank fraud cases in early 2014 – attorney general

Exclusive: U.S. plans new bank fraud cases in early 2014 – attorney general

The U.S. Justice Department plans to bring mortgage fraud cases against several financial institutions early in 2014, using as a template the case that ended last month in JPMorgan Chase & Co’s $13 billion settlement, U.S. Attorney General Eric Holder said on Wednesday.

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JPMORGAN CHASE SETTLES JAPANESE YEN LIBOR MATTER WITH THE EUROPEAN COMMISSION

JPMORGAN CHASE SETTLES JAPANESE YEN LIBOR MATTER WITH THE EUROPEAN COMMISSION

NEW YORK, Dec 04, 2013 (BUSINESS WIRE) — JPMorgan Chase JPM +0.46% today announced that it has reached a EUR79,897,000 settlement with the European Commission regarding the conduct of two former traders during a one-month period in early 2007 related to Yen LIBOR rates.

The settlement makes no finding that JPMorgan Chase management had any knowledge or involvement in the conduct at issue, or that the traders’ actions had any impact on the firm’s LIBOR submissions or the published LIBOR rates.

Separately, the European Commission announced today that it intends to continue its investigation of JPMorgan Chase in connection with Euro-interest-rate derivatives referenced to the EURIBOR benchmark rate. JPMorgan Chase has cooperated fully with the European Commission throughout its investigation and does not believe that the firm engaged in wrongdoing with respect to the EURIBOR benchmark. The company intends to defend itself fully.

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JPMorgan Chase, Citigroup first U.S. banks to be fined in rate-rigging scandal

JPMorgan Chase, Citigroup first U.S. banks to be fined in rate-rigging scandal

On Wednesday, JPMorgan Chase and Citigroup became the first U.S. banks fined for the alleged ma­nipu­la­tion of benchmark interest rates that affect hundreds of billions of dollars in contracts around the world, including credit cards and mortgages.

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Anthony Marino v. Bank of America; Countrywide Home Loans; Countrywide Financial ;

Anthony Marino v. Bank of America; Countrywide Home Loans; Countrywide Financial ;

  Countrywide’s unsound lending practices during the housing boom caused home prices in California to decline so substantially that aggregate principal loan balances now exceed the market value, a class claims.