litigation Archives - CFO

Goldman Q4 Profit Dives as Expenses Jump 42%

Financial Performance

Goldman Q4 Profit Dives as Expenses Jump 42%

The bank set aside $1.1 billlion for legal costs and spent heavily on employee compensation and benefits.

By Matthew Heller | January 16, 2020

GE Warns Subprime Unit Could Go Bankrupt

GE Warns Subprime Unit Could Go Bankrupt

The defunct WMC Mortgage unit "has emerged in recent months as one of the biggest headaches in GE's vast business empire.”

By Matthew Heller | May 7, 2018

Litigation Costs Put Dent in Wells Fargo Profit

Litigation Costs Put Dent in Wells Fargo Profit

The beleaguered bank's shares fall 2.7% after it reports Q3 net income fell to $4.6 billion from $5.6 billion one year ago while EPS misses estimates.

By Matthew Heller | October 13, 2017

RBS Settles Suit Over Toxic RMBS for $5.5B

Risk & Compliance

RBS Settles Suit Over Toxic RMBS for $5.5B

"This settlement is a stark reminder of what happened to this bank before the financial crisis," the bank's CEO says.

By Matthew Heller | July 12, 2017

BofA Pays Tutor Perini $37M to Settle Fraud Case

Risk & Compliance

BofA Pays Tutor Perini $37M to Settle Fraud Case

Tutor Perini alleged the bank did not disclose the ARS market was heading for collapse when it sold the securities to the company.

By Matthew Heller | June 7, 2017

Anthem, Cigna Trade Lawsuits Over Merger

Anthem, Cigna Trade Lawsuits Over Merger

The suits follow a court ruling blocking the deal, with Anthem attempting to stop Cigna from terminating their agreement.

By Matthew Heller | February 15, 2017

Abbott Files Suit to Terminate Alere Merger

Abbott Files Suit to Terminate Alere Merger

“Alere is no longer the company Abbott agreed to buy 10 months ago," Abbott says, citing negative developments since the deal was announced.

By Matthew Heller | December 8, 2016

Court Blocks Obama’s Expansion of Overtime

Risk & Compliance

Court Blocks Obama’s Expansion of Overtime

The Labor Department exceeded its authority in raising the minimum salary level for overtime eligibility, a Texas judge rules.

By Matthew Heller | November 25, 2016

RBS Agrees to $1.1B Settlement of MBS Claims

Risk & Compliance

RBS Agrees to $1.1B Settlement of MBS Claims

The regulator of federal credit unions has now recovered $4.3 billion from financial institutions over sales of toxic mortgages.

By Matthew Heller | September 28, 2016

Williams Cos. Fights for Energy Transfer Merger

Williams Cos. Fights for Energy Transfer Merger

Investors backed Williams' board, which is appealing a judge's ruling that Energy Transfer can walk away from the deal.

By Matthew Heller | June 28, 2016

Viacom to Pay Costs of CEO’s Fight With Mogul

Risk & Compliance

Viacom to Pay Costs of CEO’s Fight With Mogul

The disclosure of the legal costs arrangement follows Sumner Redstone's move to oust five board members including CEO Philippe Dauman.

By Matthew Heller | June 17, 2016

Ex-Credit Union CFO Claims Wrongful Firing

Risk & Compliance

Ex-Credit Union CFO Claims Wrongful Firing

Timothy Ross alleges Nutmeg State Financial Credit Union fired him for trying to expose an "illegal scheme" to boost the CEO's pay.

By Matthew Heller | June 6, 2016

Facebook Can’t Dodge Suit Over Photo Tagging

Facebook Can’t Dodge Suit Over Photo Tagging

A judge rules Illinois' biometric privacy law may apply to Facebook's use of facial recognition software to tag photos.

By Matthew Heller | May 6, 2016

Judge Strips MetLife of ‘Too Big to Fail’ Label

Risk & Compliance

Judge Strips MetLife of ‘Too Big to Fail’ Label

MetLife's victory in a legal battle with regulators could encourage other institutions to challenge the "systemically important" designation.

By Matthew Heller | March 30, 2016

Sports Authority Sues Dozens of Suppliers

Sports Authority Sues Dozens of Suppliers

The suits seek to resolve a dispute between the insolvent retailer and its consignment vendors over $85 million worth of goods on its shelves.

By Matthew Heller | March 16, 2016