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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.