Government
U.S. Gets Green Light to Sue BofA Over Mortgages Under Untested Theory
A federal judge ruled on Wednesday that the United States can pursue parts of a civil lawsuit against Bank of America Corp. over its sale of toxic mortgages to Fannie Mae and Freddie Mac, boosting a ...
Florida to Create Clearinghouse for Citizens Business
Florida lawmakers have approved legislation that seeks to slow the growth of the state-backed property insurer by diverting new policies into the private market while largely retaining the status quo ...
Court Upholds California Commissioner’s Authority in Mercury Rate Cut
The California Court of Appeal has upheld a Los Angeles Superior Court ruling by dismissing Mercury Insurance Co.'s lawsuit challenging Insurance Commissioner Dave Jones' authority to decrease the ...SEC Charges Pennsylvania’s Harrisburg With Fraud
Federal regulators on Monday accused Pennsylvania's beleaguered capital, Harrisburg, of committing fraud, in a move that officials said is meant to send a warning to local officials about the ...Ohio Pension Fund Files Suit Against Banks Alleging CDS ‘Conspiracy’
A U.S. pension fund has initiated a class action lawsuit against a group of the world's largest banks, accusing them of "conspiring" to scuttle competition in the $27 trillion credit default swap ...
Rate Hikes Likely If Terror Insurance Act Not Renewed: Fitch
Failure to renew the Terrorism Risk Insurance Act (TRIA) could induce commercial insurers to retreat from larger metropolitan areas, reducing availability of coverage and raising premium rates, Fitch ...
MBIA, Bank of America Reach $1.6 Billion Settlement
Bank of America Corp. has agreed to pay $1.6 billion in cash to MBIA Inc. and will receive the right to buy a 4.9 percent stake in the bond insurer to resolve long-running litigation, the companies ...
Bird Flu Worries Rise with Budget Cuts
The World Health Organization's ability to police the new strain of bird flu that has killed 27 people in China is being jeopardized by budget cuts, according to a top U.S. official. "One of the ...