Daily Archives: February 6, 2014


New York regulator demands bank documents as investigation widens

New York regulator demands bank documents as investigation widens

New York state’s top financial regulator has demanded documents from more than a dozen banks including Barclays, Deutsche, Goldman Sachs and RBS as a probe widened into trading practices in the $5.3tn-a-day global foreign exchange markets.

Benjamin Lawsky, New York’s financial services superintendent, made the move following the banks’ decision to fire or suspend at least 20 traders following reports that employees at some firms had shared information about their currency positions with counterparts at other companies.

A source in Lawsky’s office said the investigation, which also brought in Credit Suisse and Standard Chartered, was at an early stage. “We are investigating a broad range of concerns about foreign exchange trading at these institutions,” said the source, who asked not to be identified.


Citibank To Pay $110M In Force-Placed Insurance Settlement

Citibank To Pay $110M In Force-Placed Insurance Settlement

Law360, Los Angeles (February 05, 2014, 8:54 PM ET) — Citibank NA has agreed to pay more than $110 million to settle a putative force-placed insurance class action accusing the bank of forcing homeowners to carry excessive flood and hazard coverage and profiting from it, according to documents filed Wednesday in New York federal court.


Seal on $614M JP Morgan Chase Settlement Broken

Seal on $614M JP Morgan Chase Settlement Broken

MANHATTAN (CN) – Federal prosecutors Tuesday unsealed JPMorgan Chase Bank’s $614 million settlement agreement for submitting false mortgage loan statements to HUD, the Veteran’s Administration and the FHA.