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New York a A federal appeals panel should reconsider its reversal of a fraud verdict against Bank of America Corp. and $1.2 billion penalty resulting from the bank's actions during the 2008 financial crisis, prosecutors say. Prosecutors filed papers with the 2nd U.S. Circuit Court of Appeals in Manhattan late Thursday, saying that a three-judge appeals panel overlooked "a wealth of evidence" that the Charlotte, North Carolina-based bank sold thousands of toxic mortgage loans while misrepresenting them as investment quality.
Aug 5 A federal appeals court rejected a one-time Florida billionaire's bid to revive his $800 million lawsuit accusing Citigroup Inc of fraudulently hiding its exposure to subprime and other toxic mortgages, inducing him to hold on to shares he otherwise would have sold. The 2nd U.S. Circuit Court of Appeals in Manhattan on Friday said Citigroup and former officials, including two chief executives Charles Prince and Vikram Pandit, were not liable to trusts and corporate entities overseen by Arthur Williams and his wife.
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A flurry of good news lifted airline stocks higher last week, reversing a drop in altitude that's weighed on the industry so far in 2016. Fueled primarily by a bullish report from Deutsche Bank, American Airlines , Delta Air Lines and United Continental collectively advanced 6.5 percent last Tuesday alone.
Democratic U.S. presidential candidate Hillary Clinton speaks during the Democratic U.S. presidential candidates' debate in Flint, Michigan, March 6, 2016. International Monetary Fund's Economic Counsellor and Director of the Research Department Simon Johnson and Deputy Director Charles Collyns hold a press briefing on the release of the IMF's World Economic Outlook at the IMF Headquarters in Washington July 17, 2008.
"We continued to make good progress on restructuring the bank. However, in the past several weeks these positive developments were overshadowed by the attention around our negotiations concerning the Residential Mortgage Backed Securities matter in the United States.