Regulation & Compliance
NY AG Schneiderman Says AIG Suit Is Bid to Hobble Unlicensed Sales Probe
New York Attorney General Eric Schneiderman asked a federal judge to dismiss a lawsuit filed by American International Group Inc. against the state's Department of Financial Services and its ...
FINRA Probing Abusive Trades Based on Mathematical Algorithms
Wall Street's self-regulator is cracking down on abusive trades made on the basis of mathematical algorithms and currently has some 170 ongoing investigations into the subject, its chief said on ...
Global Warming to Pressure Sovereign Creditworthiness, S&P Says
Global warming will harm sovereign creditworthiness around the world this century, with poorer nations the worst hit, Standard & Poor's Ratings Services said. Climate change is one of two "global ...
Bank of America Cleared For Concealing $10B AIG Fraud Lawsuit
A federal appeals court said Bank of America Corp was not liable to shareholders for allegedly concealing a $10 billion fraud lawsuit by American International Group Inc, whose filing led to a ...
Troubled Tower Ends Relationship with PwC; Fitch Announces Downgrade, Rating Withdrawal
Tower Group International has fired PricewaterhouseCoopers as its accounting firm, six months after announcing it would restate previously filed financial statements for 2011 and 2012 due to ...
Madoff Victims Seek $40B from Compensation Fund
The overseer of a U.S. fund to compensate victims of Bernard Madoff's Ponzi scheme on Tuesday said he has received roughly 51,700 claims seeking to recoup more than $40 billion, both totals far ...AIG Says Whistleblower Suit Alleging Unlicensed Life Ins. Sales Without Merit
American International Group Inc. defrauded the U.S. by failing to disclose it was selling insurance without a license during negotiations with the government over a bailout in the financial crisis, ...
Motorists Mutual to Acquire Southeast, Midwest Insurer
Ohio-based Motorists Mutual Insurance Co. has agreed to buy the stock of Consumers Insurance USA, which is based in Murfreesboro, Tenn. Consumers Insurance will become a wholly owned subsidiary of ...