Miami failed to convince US District Judge Cecilia Altonaga that the lawsuit filed against the city by the US Securities and Exchange Commission should be dismissed, Reuters reported.
Legal & Regulatory
Syrian Electronic Army claims credit for hacking social media accounts of Skype
The hacker group who called themselves the Syrian Electronic Army said they were the ones that attacked the social media accounts of Microsofit-owned Internet calling service Skype, Reuters reported.
Air freight and transport services provider Evergreen Air files for bankruptcy
Cargo airline Evergreen International Airlines Inc. on December 31 filed for bankruptcy protection in the US Bankruptcy Court in Wilmington, Delaware. Seven other Evergreen affiliates also sought Chapter 7 protection.
India’s Bombay Bullion Association plans 5pct stake purchase in MCX
India's Bombay Bullion Association, a traders' group representing 1,000 jewelers and traders, plans to buy a 5% stake in the Multi Commodity Exchange of India Ltd after the Forward Markets Commission said its founder was not eligible to run the bourse.
US bank group challenges Volcker rule in court
The American Bankers Association, a representative of majority of the community banks in the US, said the provision on banning investments in collateralized debt obligations will result to the lenders losing $600 million in the process.
Latest News
British retailer Tesco's $110 million investment in Tata-owned Trent Hypermarket has received approval from India's Department of Industry Policy and Promotion (DIPP). This will pave the way for Tesco to get a clearance from the country's Foreign Investment Promotion Board (FIPB).
NASDAQ OMX Group on Friday said that it would pay $41.6 million on December 31 for qualifying claims related to Facebook's botched initial public offering.
US bank regulators said they would consider allowing banks to hold on to complex securities despite the Volcker rule prohibiting them from owning such and would arrive at a decision in the middle of January.
Educators in Illinois filed a class action lawsuit in the Cook County Circuit Court in Chicago asking the court to void a new state pension reform law, Reuters reported.
Detroit pension funds, the General Retirement System and Police and Fire Retirement System, submitted an expedited appeal with the US 6th Circuit Court of Appeals on a judge's ruling about Detroit's bankruptcy.
A Financial Industry Regulatory Authority arbitration panel ordered the San Francisco-based brokerage unit of Wells Fargo & Co to buy back auction rate securities amounting to $94 million from its investors.
The Los Angeles Times reported that the legal costs of Bank of America could continue to rise, mostly due to its ill-fated acquisition of Countrywide Financial Corp in 2008.
Huawei Technologies Co and ZTE Corp have asked regulators to make sure that Microsoft's takeover of Nokia's handset business will not result to increased patent fees in wireless technology, according to sources who talked to Bloomberg.
Apple Inc has asked a US District Court in California to ban the sales in the US of more than 20 smartphones and tablets of its rival Samsung Electronics, Bloomberg reported.
