HOUSTON, July 2- BP Plc has reached an $18.7 billion deal with the U.S government and five states to settle litigation stemming from its deadly 2010 Gulf of Mexico oil well blowout and explosion that killed 11 men and unleashed the worst spill in U.S. history. It also seeks to resolve environmental and economic damage claims by Louisiana, Mississippi, Alabama,...» Read More
BP deserves acknowledgement for the claims it has made to date to the Gulf of Mexico region and its residents and its agreement last week with the government to pay out some $20 billion, Ken Feinberg, BP escrow account administrator, told CNBC Monday.
The Justice Department says it has made the arrests since March, in a probe of mortgage fraud called Operation Stolen Dreams.
Despite all the bad headlines — the accusations of fraud, the talk of a big settlement, the risk, however remote, of criminal charges — there’s an inconvenient truth that’s been largely ignored: Most of Goldman’s big customers are not bolting. The NYT explains.
Jeffrey Gundlach was at the top of his game last fall, managing over $70 billion in bond fund assets for his long-time employer, TCW.
About 6,000 claims in total have been filed against BP since its massive oil spill in the Gulf of Mexico.
Bernard Madoff, the author of the biggest Ponzi scheme in history, told inmates at the Butner prison where he is serving his 150 years jail sentence that his victims deserved what happened to them, because they were rich and greedy, according to an article in New York Magazine.
There’s something missing from today’s Financial Crisis Inquiry Commission hearing at The New School in New York.
As it investigates a suspected kickback scheme in New York’s pension system, the Securities and Exchange Commission has been pushing to bar Steven L. Rattner, a prominent financier and former adviser to the Obama administration on the auto industry, from working in the securities industry for up to three years, according to three people told of the discussions. The NYT explains.
Famed defense attorney Eddie Hayes may represent accused Ponzi Schemer/Investment Adviser Ken Starr.
Goldman Sachs may have found a way to compromise with the Securities and Exchange Commission that will allow both sides to declare victory.
Google has balked at requests from regulators to surrender Internet data and e-mails it collected from unsecured home wireless networks, saying it needed time to resolve legal issues. The NYT reports.
The Lehman Brothers bankruptcy estate has filed a lawsuit against JP Morgan Chase executives, including CEO and president Jaime Dimon, alleging that JP Morgan illegally siphoned billions of dollars from Lehman in its last days before the bank filed for bankruptcy.
Goldman Sachs is preparing to file a full-blown, point-by-point defense against the fraud allegations filed by the SEC, people familiar with the matter told CNBC.com.
Nine memory chip makers, including Samsung Electronics, Infineon and Hynix Semiconductor, are set to be fined by EU regulators this week on charges of illegally fixing prices.
News on Thursday that New York State prosecutors are examining whether eight banks hoodwinked credit ratings agencies opened yet another front in what is fast becoming the legal battle of a decade for the big names of finance. The New York Times explains.
Shares of Moody’s fell sharply on Monday after it disclosed that the Securities and Exchange Commission had warned that it might sue the firm for making “false and misleading” statements as part of its application as a ratings organization.
Mutual fund management companies receive handsome fees from people who often have no idea whether they are getting a good deal. For the most part, they're not, says the NYT.
Goldman Sachs is planning to change some of its practices in dealing with institutional clients, a step that could help it settle charges filed last month by US securities regulators.
David Sokol, a key Warren Buffet lieutenant, told CNBC that it would be a “disaster” if Congress enacted retroactive legislation that voided contracts dealing with derivatives.
Noisy protesters with signs took over two bank building lobbies on Thursday in a prelude to a Wall Street rally by workers and union leaders angry over lost jobs, the taxpayer-funded bailout of financial institutions and questionable lending practices by big banks.