Water utilities in Detroit can expect more controversy as Detroit News reports,
…a monthlong moratorium against shutting off water for those behind on their bills expires at the end of the day Monday.
Crews are set to resume water shutoffs Tuesday after weeks of promoting how residents behind on their bills can get on a payment plan or get help paying.
Other Metro Detroit cities, facing a financial pinch from unpaid bills, have gotten results by halting service to people who don’t pay.
Law360, New York (August 26, 2014, 11:13 AM ET) — Citigroup Global Markets Inc. will pay nearly $2.5 million to settle Financial Industry Regulatory Authority charges that it failed to provide best execution on some 22,000 customer trades and supervise this trading even after being alerted about the alleged problems, FINRA said Tuesday.
According to the bank’s consent agreement with FINRA, the failures partly occurred on a Citi trading desk for retail fixed-income securities. The desk used manual pricing methods for trades in nonconvertible preferred securities that did not appropriately incorporate the National Best Bid and…
Argentina said on Tuesday it has stripped Bank of New York Mellon’s authorization to operate in the country, its latest move against the bank, which blocked an Argentine government debt payment on the orders of a U.S. court.
BNY Mellon, a financial intermediary between the Argentine government and its bondholders, has been caught up in a bitter legal battle between U.S. investment funds and the South American country, which in July defaulted for the second time in 12 years.
Argentina’s Congress is due on Wednesday to discuss a law that would replace BNY Mellon as intermediary for payments on foreign law bonds with state-controlled bank Banco Nacion, as part of a new debt restructuring plan.
The central bank “has revoked BNY’s authorization for representation in Argentina,” Cabinet Chief Jorge Capitanich said in his daily briefing. The authorization applied specifically to two BNY Mellon officials.
Royal Bank of Scotland will be fined by Britain’s financial regulator on Wednesday over mortgage advice given to customers, sources familiar with the matter told Reuters on Tuesday.
The Financial Conduct Authority (FCA) is expected to provide further details, including the level of the fine, at 1000 BST on Wednesday, the sources said.
It would be the latest setback to hit Chief Executive Ross McEwan, whose efforts to turn around the bank – which made an 8.2 billion pound loss last year – are being hampered by ongoing investigations into past misconduct.
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A group of hedge funds holding EUR1.3 billion ($1.71 billion) of Argentine government bonds has filed suit against the U.S. bank charged with overseeing payments to the nation’s bond investors, seeking to gain access to interest payments they are owed.
The suit, filed in London’s Chancery Court, names as defendant Bank of New York Mellon Corp. The suit opens up a new front in the decadelong war between Argentina and investors including so-called holdout creditors that are seeking payment on bonds the country defaulted on in 2001.
The plaintiffs include Knighthead Master Fund LP, RGY International LLC, which is a unit of Perry Capital, as well as Kyle Bass’s Hayman Capital Master Fund LP and George Soros’s Quantum Partners LP, according to a copy of the suit.
,a href=”http://www.4-traders.com/THE-BANK-OF-NEW-YORK-MELL-11848/news/Bank-of-New-York-Mellon–UK-Suit-Against-BNY-Mellon-on-Argentine-Debt-18949645/”>Read on.