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.
Legal & Regulatory
Monte Paschi's Profumo to mull over a January resignation
A Reuters report said Alessandro Profumo, chairman of Monte dei Paschi di Siena, will be revealing his decision whether to stay or resign from his post at the Italian lender in a January meeting.
ECB not in a hurry to cut rates further - Draghi
European Central Bank President Mario Draghi was quoted by German news magazine Spiegel in an interview that there is no need to hurry to reduce the Euro Zone's main interest rate further.
Judge rejects Miami's bid to dismiss fraud lawsuit filed by regulator
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.
Tesco-Tata-owned Trent Hypermarket joint venture gets green light from Indian regulator
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).
Latest News
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.
Commodity analysts believed that the successive probings into mining deals in India could become a factor in the potential disinterest of investors pouring in funds into the country.
Bloomberg Businessweek reported that Japanese hedge funds posted record returns this year as investors bet that Abenomics will bring the world's third-largest economy back on its feet.
Empire State Building investors on December 24 filed a class-action lawsuit in a Manhattan state court against the New York skyscraper's managers. The said investors claim they were deprived of $410 million in profit in Empire State Building's initial public offering.
The problems of Britian-based insurer RSA is a reminder that politicians, regulators and the general public should also put the spotlight on insurance companies and not just banks.
