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.
Legal
Israeli court gives control of IDB Holding Corp to Argentina's Eduardo Elsztain
The $570 million debt settlement offer that will give control of Israel's IDB Holding Corp to Argentine businessman Eduardo Elsztain was approved by a court in Tel Aviv, Bloomberg reported.
NY Federal Reserve Bank seeks to dismiss lawsuit by former employee
The New York Federal Reserve Bank filed a motion in a federal court in the Southern District of New York seeking a dismissal of the lawsuit filed by former employee Carmen Segarra.
JPMorgan Chase & Co agrees on settlement to Pittsburgh bank lawsuit
JPMorgan Chase & Co settled a lawsuit brought against it by the Federal Home Loan Bank of Pittsburgh involving the losses it sustained from mortgage securities it bought from the bank, Bloomberg reported.
FINRA to crack down on brokers selling "frontier" funds
The Financial Industry Regulatory Authority said it would be ramping up its efforts against brokers who sell high risk products like emerging market "frontier" funds to investors of lesser means, the Financial Times reported.
Latest News
US law firms Nixon Peabody and Blank Rome is reportedly in merger talks to create the 33rd largest law firm in the country. Nixon Peabody is a Boston-based law firm, while Blank Rome hails from Philadelphia.
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.
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.
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.
After a cyber attack of its systems, Target Corp now has to deal with angry customers venting on social media, customer lawsuits and probes from state attorneys general, the Los Angeles Times reported.
Washington-based international law and lobby powerhouse Patton Boggs LLP has ended merger discussions with Texas-based law company Locke Lord LLP, according to a joint statement on December 19.
The probe of the European Union involving an underwater power cable cartel is a test of the regulators' ability to penalize private equity investors and their parent firms, Bloomberg reported.
US District Judge Robert Sweet ruled that Nasdaq OMX Group Inc needs to face the cases filed against it by investors who claimed that the exchange platform was responsible for the bungled Facebook IPO, Reuters reported.
