Litigation/Liability Trends
Lenders Miss Out on Supreme Court Showdown; New Jersey ‘Disparate Impact’ Case Settles
The settlement of a New Jersey housing-bias lawsuit scuttles a U.S. Supreme Court showdown that might have shielded lenders from discrimination suits pressed by the Obama administration. The Supreme ...
House Passes Bill Requiring Reporting by Asbestos Victims’ Trusts
Honeywell International Inc., whose political action committee donates more money than any other corporate PAC, and the U.S. Chamber of Commerce, which spends more to lobby Congress than anyone else, ...
Judge Rakoff Hits Failure of U.S. to Prosecute Wall Street Executives for Fraud
The federal judge who oversaw the recent civil fraud trial against Bank of America Corp. criticized the U.S. Department of Justice on Tuesday for failing to prosecute high-level executives over the ...
Moody’s, S&P and Fitch Sued Over Failed Bear Stearns Funds
The liquidators of two Bear Stearns hedge funds filed a lawsuit on Monday against the three major U.S. rating agencies, accusing them of fraudulently assigning inflated ratings to securities in the ...
Senators Seek to Kill Tax Break for Corporate Settlement Costs
Banks and corporations would no longer be able to claim tax deductions for certain payments made under legal settlements with the U.S. government involving alleged business misconduct, under ...
EU to Fine Banks Billions Over Rate Rigging
A number of finance firms, including Royal Bank of Scotland and Rabobank face billions of euros in fines next month from European Union regulators for colluding on global benchmark interest rates, ...
AIG Settles with Former Exec Before $274M Pay Trial
American International Group Inc. has agreed to settle a $274 million lawsuit by a former executive who said the insurer refused to pay him during the financial crisis in 2008. The settlement came as ...
Material Asbestos Losses to Continue Unabated: AM Best
Industry losses from asbestos and environmental claims grew 12 percent in 2012, after a 31 percent decline in 2011, A.M. Best reported Monday. Although a special report by the Oldwick, N.J.-based ...