Bank of America Corp. has agreed to pay $1.6 billion in cash to MBIA Inc. and will receive the right to buy a 4.9 percent stake in the bond insurer to resolve long-running litigation, the companies said on Monday. Bank …
Wells Fargo & Co. plans to pay $590 million to settle a class action lawsuit regarding Wachovia preferred securities and debt, the company said Friday. The 2009 class action case was filed in a federal court in New York City …
American International Group reorganized its biggest unit and charged derivatives veteran Peter Hancock with turning around the struggling property and casualty business. The move may be a sign that AIG CEO Robert Benmosche, who is battling cancer, is grooming Hancock …
State regulators are taking control of some of U.S. bond insurer Ambac Financial Group Inc.’s worst assets, the company said Thursday, in an action affecting some $35 billion of assets. Regulators in Wisconsin, where Ambac’s main insurance unit is legally …
American International Group Inc.’s tough talking chief executive has reportedly threatened to quit, but the giant insurer, which is showing signs of life after its brush with bankruptcy last year, could do fine without him. Robert Benmosche threatened to quit …
Citigroup Inc. and Wells Fargo & Co. agreed to extend their legal standstill for two more days as they scrambled to come to a deal that could see them divvy up troubled regional lender Wachovia Corp. Citigroup, Wells Fargo, and …
Wells Fargo & Co. said it agreed to buy Wachovia Corp. for about $15.1 billion, without U.S. government help, thwarting a planned Citigroup Inc deal that had been seen as big boost for both Citi and Wachovia. Wells Fargo is …
American International Group’s deal with the government is a bankruptcy liquidation in all but name, and the $85 billion it has borrowed may not be enough extra money to pay off all its obligations, particularly in its derivatives books. AIG …
Merrill Lynch has agreed to help bail out bond insurer Security Capital Assurance Ltd. by canceling $3.5 billion in credit default swaps and ending litigation. Under the pact, Security Capital will be released from the derivatives guarantees it sold to …
Security Capital Assurance Ltd. said Thursday it severed seven credit guarantee contracts with a Merrill Lynch & Co. Inc. unit because the investment bank had given key rights promised to SCA under the contracts to at least one other party. …
